Archives: Glossary

Wire Transfer or Wire Fund Payment

Wire Transfer/Wire Fund Payment: An electronic transfer of funds from one bank account to another, often used for large or international transactions.


IRS form used by foreign entities that are intermediaries rather than beneficial owners of U.S.-source income.


IRS form used by any “foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private foundation, or government of a U.S. possession” receiving U.S.-source income to document status and claim exemption from withholding under section 115(2), 501(c), 892, or 895, or claiming a reduced rate of withholding under section 1443(b) of W-8EXP


An Internal Revenue Service form used by payers to solicit and payees to report tax identification number and tax classification information, and to claim exemption from withholding. Used by U.S. citizens and resident aliens.


A list of individuals or organizations that are suspected of being involved in criminal or terrorist activity. Watchlists are used by law enforcement, government and financial institutions to identify and track potential threats.


IRS form used by foreign entities with U.S.-source income effectively connected with the conduct of a trade or business in the United States.


IRS form used by individual non-resident aliens with U.S.-source income to document their foreign status and claim exemption from withholding.


A series of Internal Revenue Service forms applicable to foreign persons and non-resident aliens, who earn U.S.-source income, to document their status, report U.S. individual tax identification numbers for foreign individuals (ITINs) or foreign tax ID numbers if applicable, certify accuracy, and to claim exemption from backup withholding. Different types of W-8 apply depending on W-8


IRS form used by foreign entities with U.S.-source income to document foreign status in regard to U.S. income tax, claim tax treaty benefits or exemption, and for FATCA purposes. The form is used to establish non-U.S. status, claim status as the beneficial owner of income, claim reduction in or exemption from tax withholding under chapter W-8BEN-E

Vendor Inquiry

Request for information or answers to questions. In the context of accounts payable, often refers in requests by internal and external personnel (employees and vendors) regarding vendors’ invoice and payment status.

Vendor Master File

A database containing a list of vendors with detailed information used by an organization for procurement and payments.

Vendor portal

A secure online portal that facilitates vendors’ business with an organization. Vendor portals typically provide vendors with access to information such as purchase orders, invoices, payment status, and allow vendors to securely submit requred information such as tax and bank account information.