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A technology-based system that promotes the paperless filing of tax returns and payment of taxes was also adopted through the Electronic Filing and Payment System (eFPS). With the resignation of Commissioner Bañez on August 19, 2002, Finance Undersecretary Cornelio C. Gison was designated as interim BIR Commissioner.
The system, new to the country, eliminates touting and multiple taxation, and plugs leakages through the use of scratch cards. In line with global best practices, the current Board deployed a Tax Management System, known as RIVTAMIS, to automate the Tax Process, and allow taxpayers to carry out key tax functions.
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific ...
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Straight-through processing exists in numerous areas of financial services, such as payments processing. [2] [3] [4]Payments may be non-STP due to various reasons [5] such as missing information, information which is not in a machine "understandable" form (such as name and address rather than a code), or human-readable instructions, e.g.
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For example, some U.S. banks merely request a copy of signature cards completed by the payable through customers (the customer of the foreign financial institution). These U.S. banks then process thousands of sub-accountholder checks and other transactions, including currency deposits, through the foreign financial institution's PTA.