Using SWIFT and a global bank like Citi, a corporate treasury can centralize its accounts around the world, giving the treasurer a real-time view of balances, payments and receivables and also permitting consolidation of funds for overnight or other short-term investing.

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Morgan Stanley and other big firms are also starting to rebuild their securitization business, which pools together auto loans, credit-card receivables, and other forms of credit, and then issues bonds backed by them.

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National Century ran a scheme in which it attracted money from investors under the premise that it was loaning it to hospitals and other medical enterprises against the collateral of short-term receivables.

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Turns out that the Primary Fund, like many other money market funds, made significant investments in asset-backed commercial paper (ABCP), which offered juicy yields, but did so because they were backed by things like mortgages, auto loans, credit card receivables and other risky assets that, despite their risk, came with investment-grade ratings.

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