READING, Pa. -- Meridian Bancorp said it signed a definitive agreement to acquire four southern New Jersey branches from $1.8 billion-asset Provident Savings Bank of Jersey City. Meridian said it will assume $85 million in deposits and purchase $20 million in one- to four-family residential mortgage loans. The offices -- in Cherry Hill, Collingswood, Willingboro, and Maple Shade -- will increase the network of Meridian Bank New Jersey to eight. Meridian has more than 230 branches in Pennsylvania, New Jersey, and Delaware, and $12.1 billion in total assets.
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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.