The Countrywide brand will be put out to pasture in April. “I can confirm that the combined Bank of America Mortgage and Countrywide Home Loans businesses will be branded as Bank of America Home Loans with a target date of April 27,” says BofA spokesperson Rick Simon. The mortgage unit is bulking up in certain areas, too. “To help meet and capture share of the current demand for mortgages, Bank of America is hiring about 1,000 associates in mortgage origination and processing across the country,” Simon explains. “This includes adding to our centralized retail sales capacity in the Charlotte area, hiring 300 associates to support our phone channel.” Most of the positions will be filled internally.
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In
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.