PrimeRevenue, which works in working capital finance solutions, has been granted a patent for supply chain finance (SCF) systems, allowing it better capabilities for digital financing and letting it eliminate Uniform Commercial Code (UCC) waiver requirements, according to a press release.
The patent is PrimeRevenue’s third for trade finance overall and second for its exclusive Electronic Time Drafts (ETD) solution, the release states.
The patent will let suppliers access cash faster by getting rid of lien releases and accelerating access to SCF. It’s currently active with suppliers in 17 countries, and the release says 91 percent of users have sped up their cash flows.
With this new patent, PrimeRevenue will aim to eliminate the need for paper and manual processes when working with SCF transactions. Drafts will be allowed to remain in electronic form for the entirety of the drafts process. The whole process builds on PrimeRevenue’s previous ETD solution, which waived the need for UCC filings but still required the drafts to be printed and stored physically.
With the new solution, PrimeRevenue hopes to be more environmentally conscious and use less paper, the release states.
David W. Quillian, chief legal officer with PrimeRevenue, said the idea is to boost payments, especially with the current financial uncertainty around the world.
“PrimeRevenue’s mission is to help suppliers get paid as early and quickly as possible with minimal administrative hassle,” said Quillian, according to the release. “Especially in the current business and global health climate, companies need contactless, digital, early payment capabilities that allow suppliers to quickly access the critical cash they need to respond to disruption.”
“We are always listening to suppliers and buyers so that we can improve their experience and operations,” SAP Ariba said in a statement. “We continue to respect PrimeRevenue and their supplier finance capabilities.”
Selected by Fintech Tube