Senate Banking Committee
Subcommittee on Financial Institutions
Source: U.S. Senate (senate.gov)
Hearing on Competition and Innovation in the Credit Card Industry
at the Consumer and Network Level
May 25, 2000
|Witness List including Links to Prepared Testimony|
|Witness||Philip J. Purcell||Harvey Golub||Paul Allen||Noah Hanft||Frank Torres 3rd||David Evans|
|Title||Chairman and Chief Executive Officer||Chairman and Chief Executive Officer||Executive Vice President and General Counsel||Senior Vice President and General Counsel||Legislative Counsel||Vice President|
|Company||Morgan Stanley Dean Witter||American Express Company||Visa U.S.A., Inc.||MasterCard International||Consumers Union||National Economic Research Association|
Access to authoritative analysis and perspective and our data-driven report series.
14-Day Free Trial
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In
The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of technology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of frictionless payments.