On the same day the firm suspended its dividend, Jose Ramon Gonzalez resigned as president and CEO of Banco Santander BanCorp and CEO of Banco Santander Puerto Rico. Gonzalez called the move a “difficult but well thought-out decision.” Juan Moreno Blanco will fill all three positions. …Franklin Bank Corp.’s Alan E. Master adds the CEO title to his role as president. He replaces interim CEO Lewis S. Ranieri, who stays on as chairman. …BB&T Corp. CEO John A. Allison will retire on December 31, after almost 40 years with the bank. The board turned to COO Kelly S. King as Allison’s successor. Some analysts believe a merger is in BB&T’s future. …Wels Fargo senior evp Mark Oman plans to retire by the end of 2009, and will run the bank’s home mortgage, card services, and consumer lending businesses until then.
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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.