share buyback program and that the repurchases will be used primarily to fund employee benefit plans. The company joins a growing list of banking companies initiating buybacks following the recent decline in the stock market. Citigroup was formed last month by the merger of Citicorp and Travelers Group Inc. Travelers Group had repurchased approximately $2 billion of its common stock in 1998.
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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.