|INVESTMENT BANKS AND BROKERAGES|
|Company Name, |
|1||2||Charles Schwab Corp., San Francisco||41|
|2||3||Morgan Stanley Dean Witter, New York||50|
|3||10||Merrill Lynch & Co., New York||110|
|4||12||Donaldson, Lufkin & Jenrette, New York||122|
|5||14||Lehman Brothers Holdings, New York||158|
|6||52||Bear Stearns Companies, New York||296|
|7||54||J.P. Morgan & Co., New York||313|
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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.