United Companies Financial Corp. said it is close to a deal to sell most of its 126 retail branches to Aegis Mortgage Corp. of Houston.
United, which filed for bankruptcy in March, said its longtime chief operating officer, C.G. Hargon, will step down to "facilitate the sale," in which Aegis would pay $3 million plus 30 days of operating expenses after a June 1 proposed closing date. Aegis would buy all the loans originated by United Companies during the 30 days.
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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.