PrimeRevenue’s technology supported by its new patent helps suppliers get paid as early and quickly as possible with minimal administrative hassle
PrimeRevenue, Inc., the leading platform for B2B payments and working capital solutions, is pleased to announce the granting of its new patent covering technology that raises working capital finance solutions to a new level. The new patent builds on the 2018 patent that eliminated the need for UCC lien searches and filings, and automated processes for conducting supply chain finance (SCF) transactions. PrimeRevenue’s technology allows for the automated creation, negotiation and exchange of negotiable instruments (Time Drafts) to affect the SCF transactions, providing a chance for organizations to improve the efficiency of their participation in SCF programs and to avoid disrupting other financing arrangements they may have in place.
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PrimeRevenue’s technology, as protected by the newly awarded patent expands on PrimeRevenue’s existing technology framework to further streamline trade finance through improving the technical and legal structure of the underlying transactions. As an additional benefit, the technology as protected by this patent empowers PrimeRevenue to enhance its automation and digitization service offerings, and reduce manual intervention in conducting SCF transactions.
“PrimeRevenue’s original patents for automating and digitizing the use of negotiable instruments to effect supply chain finance transactions serve as the North star for our business practices, and represent the spirit of innovation that has been woven into our company’s DNA since the very beginning.” said David Quillian, CLO of PrimeRevenue. “With the protection provided by this new patent, we are looking to secure the lead we have in this arena, and to further automate and digitize the facilitation and management of supply chain finance processes.”
Electronic Time Draft (ETD) technology has facilitated the deployment of supply chain finance programs through a broader swath of corporate supply chains than would otherwise be economical and has improved the financial supply chain user experience for both buyers and suppliers. The traditional accounts receivable process in which financial institution partners needed to conduct lien searches and filings, and then have suppliers amend their preexisting financing agreements, left much to be desired in terms of speed, costs, and user satisfaction.
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“The new patent is a testament to the success of the organization and the result of PrimeRevenue’s commitment to extending the power of supply chain finance and streamlined B2B payments to companies across a range of revenues and industries,” said PJ Bain, CEO, PrimeRevenue.
PrimeRevenue was recently recognized by Global Trade Review (GTR) as the World’s Best Alternative Trade or Supply Chain Finance Provider in the Global Awards category of GTR’s Leaders in Trade Awards. In its presentation, PrimeRevenue showcased its key innovation for overcoming inefficient global B2B payments: the SurePay platform, which streamlines B2B payment services boosting visibility, accessibility, and reliability of payment solutions for the entire global supply chain.
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