Previse, the AI-driven B2B payments solution provider, 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. This includes Previse’s innovative methodology and platform that enables the algorithmic assessment of invoices. Furthermore, it uses technology to streamline and automate B2B payment flows.
Previse’s technology targets B2B invoice payments in addition to helping suppliers get paid within days of sending an invoice. The Notice of Allowance recognises the organisation’s strengths in the market when applying AI and machine learning to B2B payments.
The patent covers Previse’s InstantPay solution. It 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 per cent of invoices to be paid or funded immediately upon receipt. A further 99.98 per cent of these payments need 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,” said Philipp Schoenbucher, chief data scientist at Previse and co-inventor under the patent.
“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.”
Breaking down traditional, legacy systems
Historically, the B2B payments space has been very archaic in the way it moves money. A lot of time and resources were used to manually deal with the paper-based invoices that were being sent and received. Not only does Previse’s InstantPay product ensure better resource allocation, it also ensures less delays and difficulties in tracking and reconciling payments.
It does so by integrating into payment and funding rails, such as virtual card, card-to-account, dynamic discounting and supply chain finance solutions. The delays that were previously so commonplace, are dealt with as the product can improve uptake by 20x. Consequently, organisations will be 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 US 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 its innovations in B2B payments. The company is developing a series of other products and use cases for the technology beyond early payments.