The article that appeared on Friday about the resignation of J. Carter Beese Jr. from the Securities and Exchange Commission misstated his new title. He will be a vice chairman of Alex. Brown International, where he will head the international capital markets group. Beese announced earlier this month that he would chair a group on regulatory reform of the capital markets under the auspices of the Center for Strategic and International studies -- a position he will hold while at Alex. Brown.
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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.