PrimeRevenue Technology is First in the Market to Support Any Alternative Benchmark Rate Ahead of LIBOR Transition
By 3 minute read• Published March 24, 2021 •
Enhancements to platform provide additional flexibility for funders with no major changes to operational or legal processes
ATLANTA (March 24, 2021) – PrimeRevenue, Inc., the leading provider of technology-enabled working capital solutions, announces the addition of a credit adjustment spread to support new rate requirements related to the phase out of LIBOR. The system upgrades enhance funding rate flexibility to meet the ever-changing needs of financial institutions.
PrimeRevenue is the first in the market with the ability to support any variety of benchmark rate options, including mainstream alternative rates such as SONIA and SOFR as well as banks’ own internal rates. After months of in-depth discussions with funding partners, PrimeRevenue has developed enhancements to guarantee a smooth transition to new rate structures on our system without any major change in current operations or legal structure for funders, buyers, or suppliers.
“PrimeRevenue was proactive in collaborating with us to ensure their technology met our requirements,” said Jack Ellis, Supply Chain Finance Product Manager at NatWest, formerly Royal Bank of Scotland. “They reached out to us well ahead of time and were prepared for the phase-out of LIBOR well ahead of the deadline, providing plenty of time for us to smoothly transition the clients we support into new rate structures.”
Agility is the hallmark of a strong technology solution, and the speed in which PrimeRevenue integrated system upgrades confirm the company’s dedication to collaborating with partners to solve complex challenges such as the LIBOR transition.
“When disruption happens in the market, whether that’s an increased need for liquidity or a major shift in funding benchmarks, we are committed to supporting our clients and partners,” Dominic Capolongo, EVP Global Head of Funding at PrimeRevenue. “We believe having an open dialogue with buyers, suppliers, and funders is an important piece to providing clients transparency and resilience with their supply chain finance programs.”
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PrimeRevenue’s supply chain finance (approved payables financing) 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 USD$250 billion 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.
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