Bank software and outsourcing company Newtrend has announced new software that gives credit unions the option of running their entire operations over a network of personal computers. Called Cube, the new software will be marketed to credit unions with fewer than 30,000 members, company officials said. "Newtrend now offers an advanced and viable system for credit unions at which mainframe technology would be considered cost-prohibitive," said Robert Fohl, general manager. The on-line, real-time system includes a customer information file and loan, collection, and automated teller machine processing. The system also allows credit unions to run popular DOS-based software.
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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.