ATLANTA, Sept. 18, 2018 /PRNewswire/ -- PrimeRevenue, Inc., the leading platform for working capital finance solutions, announces that it has been granted U.S. Patent Number 10,026,120 titled "Supply Chain Finance System," which protects the company's Electronic Time Drafts solution with print option. The granting of this patent adds to PrimeRevenue's existing patent portfolio and confirms its leading position within the supply chain finance market as a forerunner in innovation.
Currently live, utilizing three currencies and operating in 13 countries, the Electronic Time Drafts solution with print option activated is being used by almost 1,000 suppliers on more than 100 buyer programs. Fourteen U.S. and international banks are currently providing financing using this product. So far in 2018, invoice upload volume for PrimeRevenue managed programs utilizing the Electronic Time Drafts solution with print option activated has reached $2.2 billion with a trading volume financed of $1.78 billion. This is up from $18 million in invoice volume with a trading volume financed of $9.56 million during 2012, which was the year the product was initially launched.
The solution was designed by PrimeRevenue's Chief Legal Officer David W. Quillian in 2012 and significantly speeds up the time it takes a supplier located in a jurisdiction with a lien filing system to begin trading through PrimeRevenue's technology platform.
"Receiving this latest patent on our Electronic Time Drafts solution is imperative for securing PrimeRevenue's competitive advantages in the supply chain finance market. Utilizing this product eliminates the need for our financial institution partners to perform lien searches and lien filings, which are an administrative burden and can add weeks to the supplier onboarding process," says Mr. Quillian. "We will continue to bring new and improved solutions to our customers and financial institution partners across the globe through a combination of industry and technical expertise, product development and innovative legal processes."
This is PrimeRevenue's second issued patent for its supply chain finance system, with numerous additional patent applications pending.
PrimeRevenue, the leading provider of working capital financial technology solutions, helps organizations in 70+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and/or strengthen their supply chains. Headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne, PrimeRevenue's diverse multi-funder platform processes more than $200 billion in payment transactions per year. Additional information about PrimeRevenue can be found at http://www.primerevenue.com | Twitter: @primerevenue | LinkedIn: http://www.linkedin.com/company/primerevenue.