Editor's Note: Spotlighting Young Bankers
- John Bahnken, Fleet/Norstar
- Timothy D. Ballinger, Fifth Third Bancorp
- Denise Boutross, DKB Financial Products
- Mark Brickell, J.P. Morgan & Co.
- Mary R. Bush, Citizens Fidelity Corp.
- Michael B. Cahill, First Interstate Bancorp
- Donna Callejon, Federal National Mortgage Association
- James Covington, Barnett Banks Inc.
- Karen J. Curtin, Continental Bank Corp.
- Douglas D. Danforth, PNC Corporate Finance
- R. Kelly Doherty, Bankers Trust New York Corp.
- Elizabeth A. Evans, Wells Fargo & Co.
- Pat Frost, Frost National Bank
- Kevin Gage, Bank of Darien
- Jeffrey P. Gaia, Valley National Bank
- W. Barnes Hauptfuhrer, First Union Corp.
- Luke S. Hayden, Security Pacific Corp.
- Shalley A. Jones, Chase Federal Bank
- Terry Jorde, Towner County State Bank
- Cheryl Kane, Bank of America
- Keith S. Kendrick, MasterCard International
- Darcie J. Lamond, First Chicago Corp.
- James Lee, Chemical Bank
- John S. Lewis, First Interstate Bancorp.
- Stephen T. Monahan Jr., Continental Bank Corp.
- Darla Moore, Chemical Bank
- Scott McAfee, Security Pacific Corp.
- Liam McGee, Security Pacific Corp.
- Mark Oman, Norwest Mortgage
- Andrea Lamp Peabody, Fleet/Norstar
- L. Scott Rush, First United Corp.
- Michael D. Schauer, Valley National Bank
- Jonathan L. Smith, Citicorp Real Estate Inc.
- Reginald J. Smith, Fleet/Norstar
- William J. Stanley Jr., Connecticut Bankers Association
- Andrew Studdert, First Interstate Bancorp
- Drew Tanzman, Wells Fargo & Co.
- Fredric N. Tordella, MTB Banking Corp.
- Julia Vindasius, Good Faith Fund
- Brian Walsh, Bankers Trust International PLC
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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.