The following table provides First Call's consensus estimates for the first quarter 2000, and includes expected earnings dates for some of the Top U.S. banks.
|Ticker||Company Name|| First Call Consensus |
|Expected Earnings Date (after March 31, 2000)||Total Assets in millions ($) |
(Dec. 31, 1999)
|C||Citigroup Inc., New York||0.78||April 19*||$716,937.0|
|BAC||Bank of America Corp., Charlotte, N.C.||1.25||April 17||632,574.0|
|CMB||Chase Manhattan Corp., New York||1.53||April 19||406,105.0|
|ONE||Bank One Corp., Chicago||0.60||April 18||269,425.0|
|JPM||J.P. Morgan & Co., New York||2.72||April 14||260,898.0|
Source: First Call and American Banker research.
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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.