SCiDraft was designed to reduce administrative and legal overhead costs for buyers, suppliers and financial institutions, with fewer jurisdictional limitations. It provides for the electronic issuance, negotiation, exchange and payment of negotiable time drafts created through the OpenSCi platform. According to PrimeRevenue, SCiDraft allows supply-chain finance programs to operate exclusively using negotiable instruments contained in Articles 3 and 4 of the Uniform Commercial Code of the United States (UCC). Traditional accounts-receivable finance, by contrast, is governed under Article 9 of the UCC and comparable foreign laws. Electronic time drafts created in SCiDraft can be issued by the buyer and negotiated by the supplier to financial institutions at a discount.
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