A chart with "The Lobbyists" column on page 2 in Wednesday's paper greatly overstated the 1997-98 federal campaign contributions by First Union Corp. due to an inaccurate count by the Center for Responsive Politics. The banking company and its subsidiaries gave $510,197 during that period, of which Democrats received 24% and Republicans 76%.
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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.