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PrimeRevenue secures US patent for SCF enhancement

Wednesday 8 July 2020 12:16 CET | News

US-based SCF platform provider PrimeRevenue has received a US patent titled ‘Supply Chain Finance System’ to enhance its digital financing offering.

The patent is PrimeRevenue's third trade finance patent overall and the second for its Electronic Time Drafts (ETD) solution. Thus, PrimeRevenue becomes a provider with the power to eliminate UCC waiver requirements. The new 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 solution, 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. 

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Keywords: PrimeRevenue, SCF, US, patent, Supply Chain Finance System, digital financing, trade finance, Electronic Time Drafts, ETD, UCC waiver, SCF transactions, e-drafts
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United States
This article is part of category

Banking & Fintech