IndyMac Federal Bank may soon be back in private hands. HoldCo LLC, which includes J.C. Flowers and other private investors, filed a bank holding company application with the Office of Thrift Supervision, and a deal is reportedly imminent. The $14-billion offer may include an agreement under which the Federal Deposit Insurance Corp. would guarantee some of IndyMac’s potential loan losses. It’s unclear whether or in what form the relatively benevolent foreclosure policy orchestrated by the FDIC would survive the transaction. The agency was vague about the details. “The FDIC has not made any announcement on the sale of IndyMac outside of that we expect to have announcement by the end of the year,” said spokesman David Barr, adding: “Any money obtained from selling a failed bank flows back through the receivership reimburse creditors. The [FDIC] insurance fund is also a creditor of failed banks.”
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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.