London, UK – Previse, the leading AI-driven B2B payments solution provider, announced today that it has been granted a patent allowance by the United States Patent and Trademark Office (USPTO).
The patent application (No. 15/818105) covers a range of innovations including Previse’s innovative methodology and platform that enables the algorithmic assessment of invoices, and using the technology to streamline and automate B2B payment flows.
The Notice of Allowance recognises Previse’s innovative strength and industry leadership in applying AI and Machine Learning to B2B payments. Previse’s technology eliminates the inefficiencies of handling B2B invoice payments and helps suppliers get paid within days of sending an invoice, rather than having to wait and chase for weeks and months.
Previse’s InstantPay solution – which is covered by the patent – leverages AI-driven technology to precisely assess the probability of cash flows from an invoice and the likelihood of recovering any overpayments. This enables over 97% of invoices to be paid immediately on receipt, with 99.98% of these payments needing no further intervention between the buyer and supplier.
“This is a major milestone for Previse and our mission to transform the way B2B payments are made. Our AI-driven technology opens the door to an entirely new world of efficiency and transparency in B2B payments. We believe that our technology will drive innovation in many areas of how businesses trade with each other all over the world. The US Notice of Allowance of the Patent Application not only adds to our intellectual property portfolio but it also strengthens our commercial opportunities and demonstrates our strong overall commitment to protecting the innovation and commercial opportunity of our entire product portfolio.”Philipp Schoenbucher, Chief Data Scientist at Previse and co-inventor under the patent
B2B payments across the globe account for $125 trillion annually, but the processes used are archaic, highly manual, and paper-based, requiring significant time and resources to manage the payment process. There is a lack of standardisation and transparency, and the processes are strewn with errors, delays, and difficulties in tracking and reconciling payments.
Previse’s InstantPay product seamlessly integrates into payment and funding rails such as virtual card, card-to-account, dynamic discounting and supply chain finance solutions. It has proven to significantly improve uptake of the by as much as 20x from across the supply base, by being able to offer suppliers speed and confidence in when they will be paid.
A Notice of Allowance is issued after the USPTO makes the determination that a patent should be granted from an application. It concludes the substantive examination of the patent application and will result in the issuance of a U.S. patent within the next few weeks after administrative processes are completed. This patent is the first in a series of patents that Previse expects to be granted covering Previse’s innovations in the B2B payments space, and the company is developing a series of other products and use cases for the technology beyond early payments.
Previse is a leading AI-driven B2B payments solution provider. Its InstantPay product leverages AI-driven technology to precisely assess the probability of cash flows from an invoice and the likelihood of recovering any overpayments. Previse’s mission is to transform the way B2B payments are made, driving efficiency and transparency in the market.