PrimeRevenue Receives Second U.S. Patent Exclusive to Digital Financing Enhancement
By 3 minute read• Published July 7, 2020 •
Designed to expedite supply chain financing for suppliers around the world, new patent safeguards sustainable Electronic Time Drafts solution
Atlanta, GA, July 07, 2020 – PrimeRevenue, Inc., the leading platform for working capital finance solutions, announces that it has been granted U.S. Patent Number 10592943 titled “Supply Chain Finance System”. The patent, which is PrimeRevenue’s third trade finance patent overall and the second for its exclusive Electronic Time Drafts (ETD) solution, enhances the company’s digital financing capabilities and makes it the only provider in the market with the power to eliminate UCC waiver requirements.
PrimeRevenue’s newest patented technology eliminates the need for paper and manual intervention in conducting supply chain finance (SCF) transactions, allowing drafts to remain in purely electronic form throughout the duration of the drafts process. This builds on PrimeRevenue’s previous ETD innovation, which was granted a patent in 2018, that waived the need for UCC filings but still required the financial institution financing SCF transactions to print and store the drafts. As such, the human and environmental costs of making thousands of UCC filings or printing and storing thousands of paper drafts is significantly reduced.
The ETD solution’s adoption on the PrimeRevenue platform can be recognized with the following highlights:
- Expedites suppliers’ access to cash by eliminating lien releases, thereby accelerating their access to SCF
- Currently live and operating with suppliers in 17 countries
- 91% of suppliers using the solution accelerate payment on their invoices
- $24 billion in invoice volume processed since 2013
“Many Woodstream suppliers have benefitted from ETDs,” said David Ellis, senior director global sourcing, Woodstream. “It allows even our smaller suppliers to onboard onto the program faster, which means they get access to their cash quicker. It’s a huge advantage for them.”
PrimeRevenue’s Chief Legal Officer David W. Quillian designed the solution in 2011.
“PrimeRevenue’s mission is to help suppliers get paid as early and quickly as possible with minimal administrative hassle,” said Quillian. “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.”
The company has multiple additional patents pending for its working capital finance solutions.
PrimeRevenue’s supply chain finance (reverse factoring) solutions help organizations in 80+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue’s diverse multi-funder platform processes more than $250 billion USD in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.