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Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Virtual IBANs (vIBANs) have become a key component of modern payment systems, enhancing paymentreconciliation and facilitating cross-border transactions.
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ACH Payments: Automated Clearing House or ACH is another popular option for B2B payments. Take advantage of the resources and instructions provided to ensure a smooth payment process. You can further setup automation methods for digital payments to simplify the process and boost your productivity.
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It involves the AP department leveraging technology to digitize invoices and related documents, automating the approval process, and conducting payments through electronic means. Nanonets AP automation integrates with QuickBooks, Xero, and Sage, allowing you to go fully paperless.
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