A Sept. 30 article, "Software Firms in Reciprocal Marketing Deal" (page 24), misstated the type of software Chase Manhattan Corp. and First Union Corp. had licensed from Edify Corp. They are using Edify's Electronic Workforce, which supports voice response and Internet technology - not its Electronic Banking System, which works with Electronic Workforce and can be used for retail delivery of Internet banking services.
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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.