Closure
Within a week of birth, the infant's umbilical vein is completely obliterated and is replaced by a fibrous cord called the round ligament of the liver (also called ligamentum teres hepatis). It extends from the umbilicus to the transverse fissure, where it joins with the falciform ligament of the liver to separate the left and right lobes of the liver.
Closure of the umbilical vein usually occurs after the umbilical arteries have closed. This prolongs the communication between the placenta and fetal heart, allowing for a sort of autotransfusion of remaining blood from the placenta to the fetus.
Read more about this topic: Umbilical Vein
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