Working capital FinTech PrimeRevenue is augmenting its receivables finance solutions to enable financial institutions (FIs) to broaden their programs for receivables, a feature that is a unique tool in the market, according to a press release on Tuesday (Aug. 31).
“Historically, it has been nearly impossible for companies that don’t have certainty around invoice payment terms to be included in selective receivables finance,” said PrimeRevenue EVP Global Head of Funding Dominic Capolongo.
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Capolongo added that part of the problem stems from banks requiring administrative procedures that are demanding to “determine the tenor and associated fees.”
PrimeRevenue moved to tackle those problems with an answer that “enhances the transparency of invoices,” which in turn “reduces operational hassle for both banks funding selective receivables finance programs as well as their clients,” Capolongo said.
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This latest feature aims to negate industry problems like human error regarding compliance, inconsistent payment terms, time-consuming reconciliation processes and more. The new capability offers complete transparency when combined with PrimeRevenue’s flexible reporting that is available within its receivables platform, according to the press release.
PrimeRevenue has pilot tested this solution with existing partner banks and is expected to offer it to all partner banks using the selective receivables product.
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The solution developed by PrimeRevenue offers compliance support for invoice tracking and enhanced transparency and updates to the processing procedures for banks and their clients. This solution expands the range of invoices suitable for selective receivables finance.
Headquartered in Atlanta, Georgia, and founded in 2003, PrimeRevenue offers supply chain finance solutions in more than 80 countries and processes over $250 billion in payment transactions per year. The firm also has offices in London, Prague, Hong Kong and Melbourne.