Atlanta, GA (PRWEB) March 26, 2013
PrimeRevenue, Inc. (PrimeRevenue), the leading SaaS platform for global Supply Chain Finance (SCF), today announces SCiDraft™, the electronic time drafts product on the PrimeRevenue OpenSCi™ SCF platform. Invented and offered exclusively by PrimeRevenue (patent pending), the SCiDraft™ product offers Buyers, Suppliers, and Financial Institutions substantially reduced administrative and legal overhead costs as well as fewer jurisdictional limitations than traditional supply chain finance programs, which are based on the sale of accounts receivable. These efficiencies are obtained by seamlessly providing the electronic issuance, negotiation, exchange, and payment of negotiable time drafts created electronically through the PrimeRevenue OpenSCi™ SCF platform.
SCiDraft™ allows SCF programs to operate exclusively using negotiable instruments governed under the legal framework of Articles 3 and 4 of the Uniform Commercial Code in the United States (UCC), as opposed to traditional accounts receivable finance governed under Article 9 of the UCC and comparable foreign laws, which govern secured transactions and form the traditional legal framework applied to supply chain finance programs. The entire SCiDraft™ process takes place seamlessly through the PrimeRevenue OpenSCi™ electronic trading interface. Furthermore, with respect to international Suppliers to US Buyers, the electronic time drafts created on the SCiDraft™ product can be issued by the Buyer and negotiated by the Supplier to Financial Institutions at a discount, all within a legal regime governed entirely by US laws.
Scotiabank is among the first participants to provide financing using the SCiDraft™ product. Scotiabank is purchasing time drafts tendered by Suppliers of a large Buyer, a global diversified technology and industrial leader serving customers in more than 150 countries.
“This is an innovative step furthering Scotiabank’s Global Transaction Banking’s global capabilities, and specifically within our financial supply chain platform. This business partnership will help ensure our goal of constant customer service improvements by reducing time and increasing efficiencies. It will allow our clients more efficient financing of major supply chains around the world – facilitating our presence and influence in global markets,” said Kevin Clark, Senior Vice President of GTB Sales at Scotiabank.
“SCiDraft™ is the latest innovative product introduced by PrimeRevenue, and will contribute to our long-term success as a global leader in the SCF market,” said David Quillian, Vice President and General Counsel of PrimeRevenue. “We continue to expand our SCF offerings in order to better meet the needs of our customers and increase the efficiency of their financial supply chains,” Mr. Quillian concluded.
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 82,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $736 billion (as at January 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit http://www.scotiabank.com.
About PrimeRevenue, Inc.
For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue is the leading provider of multi-bank Supply Chain Finance (SCF) technology and services. The PrimeRevenue OpenSCi™ SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, reducing cost and capital risk throughout their supply chains and forging stronger supplier relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue also has offices in London, Paris, and Prague in Europe, as well as in Melbourne, Australia, and Hong Kong SAR, and operates some of the largest SCF programs for customers around the globe. For more information, visit http://www.primerevenue.com