This week, the U.S. Patent and Trademark Office (USPTO) announced that it has issued a US Patent to ARXChange platform company, TriCap Technology Group for a unique market exchange for accounts receivable disposition. The ARXChange (which is short for the accounts receivables exchange) is the nation's first, largest and now only patented market exchange for trading debt and receivables, with over $9 billion in listings. The ARXChange also includes analytics tools that help healthcare providers accelerate returns on all their uncollected asset classes.
TriCap received its first patent last year for an online system that organized and collected specialized delinquent debt. This week's announcement means that TriCap and its core ARxChange platform are covered by patents over the organization, sorting, ranking, valuing, and posting of debt and accounts receivable across all U.S. consumer markets, not only those derived from the healthcare industry, Forbes is reporting.
Specifically, the patent affords TriCap exclusive rights to whenever receivables in any market are organized by a computer into a portfolio, sorted, ranked, scored in a way where the final score represents the collectability and base value of the portfolio, and in cases in which the final score is posted to a secure website on the Internet.
Essentially, TriCap’s new patent gives it the exclusive right across all U.S. receivables activity when any debt is organized for purchasing or servicing using the above attributes and processes.
InsideARM calls the patent revolutionary, writing that the potential implications of this parent are “at once elementary and (quite possibly) revolutionary. Simply put, the patent secured today by TriCap seems to substantiate an acknowledgment by the USPTO that 'the basic attributes of how the debt purchasing and servicing market functions in the ARM (News - Alert) industry are indeed patentable. Transformative in that [the patent] appears to govern the structure of an entire market, agnostic of asset class or type of receivable.”
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Edited by Brooke Neuman