Even as the remains of Washington Mutual are folded into the operations of JPMorgan Chase, the U.S. attorney’s office of the western district of Washington is leading a multi-agency investigation of the bank’s demise. Investigators from the FBI, Federal Deposit Insurance Corp.’s Office of Inspector General, Securities and Exchange Commission, and IRS are teaming up. In a poignant and stern statement, U.S. Attorney Jeffrey C. Sullivan notes: “For more than 100 years Washington Mutual was a highly regarded financial institution headquartered in Seattle. Given the significant losses to investors, employees, and our community, it is fully appropriate that scrutinize the activities of the bank, its leaders, and others to determine if any federal laws were violated.”
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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.