Greensill managed to last two years longer than the Vice Chairman’s patent:
Supply chain financing system and method
Patent number: 6167385
Abstract: A method for financing a supply of goods (a supply chain) from a supplier to a buyer in which the buyer has a lower cost of funds than the supplier. According to the method, the buyer generates a purchase order for the goods which is forwarded to the supplier who in turn ships the goods to the buyer. The supplier sends an invoice to the buyer which stores the invoice data in a database. The financing institution electronically accesses the database to retrieve the daily invoices. The financial institution then calculates the financing applicable to the shipped good and forwards a payment to the supplier. Upon maturity of the financing, the buyer settles with the financial institution by remitting the gross proceeds.
Filed: November 30, 1998
Date of Patent: December 26, 2000
Assignee: The Chase Manhattan Bank
Inventor: William Roland Hartley-Urquhart