Supply Chain Finance in 2021: More Transparent and More Popular than Ever

The number of companies that use supply chain finance has exploded – especially among publicly traded companies eager to improve cash flow, pay down debt and deliver more value to shareholders while supporting their supply chain. In fact, The Economist reports supply chain finance is a $21B market that represents 18% of all trade finance transactions.

Unsurprisingly, accounting bodies are taking notice. The prevalence of supply chain finance has prompted many to become more proficient in understanding how these programs operate, the financial benefits they offer to participants, and the disclosures (if any) that should be made in publicly-filed financial statements.

Codifying industry best practice.

We believe the uptick in interest from accounting organizations is a direct result of supply chain finance’s growing popularity. A decade ago, supply chain finance programs were few and far between. The early adopters pioneered both the practical implementation of supply chain finance programs as well as the general standards around accounting treatment. Today, a majority of industry-leading enterprises use supply chain finance to improve their working capital and provide an early payment option for suppliers.

Neither the SEC nor FASB has ever officially provided clear and specific guidance on how supply chain finance programs should be structured and how to account for them. However, the Big 4 accounting firms have been assessing these programs for years and opining on the appropriate accounting treatment. Over time, industry practitioners in conjunction with the Big 4 have loosely codified a “right way” and a “wrong way” to implement programs with an eye towards responsibility and accounting neutrality.

Is your provider clear on established best practices governing supply chain finance program disclosure?

As supply chain finance gains popularity, accounting organizations have sought a clearer understanding of best practices governing program disclosure. What they’ve learned is that established protocols and best practices make sure the right program information is disclosed properly and trade payables are not reclassified as debt.

When implementing a program, it’s critical to ensure your provider is experienced with these conversations and understands the nuances of “right way” supply chain finance.PrimeRevenue has guided customers through these conversations while helping shape the guidelines for responsible supply chain finance programs.

Practicing Responsible, Sustainable Supply Chain Finance

We advise our clients to take an unambiguous approach to supply chain finance, and none of our customers that follow our conservative approach have had any issues. By adopting the following best practices, companies can feel comfortable and confident in the legitimacy of their program and rest assured they are practicing responsible supply chain finance.

First and foremost, companies need to make sure supply chain finance rolls up under trade payables. Check out this post about proper accounting treatment and how to avoid the reclassification of trade payables.

Second, if the size of your program reaches the threshold of materiality (and it should: otherwise, why are you implementing a program?), there should be a footnote in your financial disclosures. This provides an extra layer of transparency to the supply chain finance program and ensures stakeholders are aware of the use of the program.

Lastly, partner with a provider that acts as a facilitator of supply chain finance programs. With a third party sitting in the middle to manage the workflows between buyer, supplier and funder, there is no direct relationship between the company sponsoring the supply chain finance program and the financial institution (funder). This eliminates the direct benefit back to the buyer (rebates) and precludes any chance of negative accounting treatment.

Looking Ahead to 2021

We believe 2021 will bring even greater transparency to supply chain finance accounting best practices. It’s a good thing for all parties involved – buyers, suppliers, funders and providers. Supply chain finance has already proven to be instrumental in helping companies navigate the dual pressures of economic uncertainty and transformation, and those pressures will only increase in the coming year. More clarity around best practices for proper accounting treatment and financial disclosure will only strengthen its potential to benefit buyers and suppliers.

By PJ Bain
Published December 16, 2019

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Stephanie Wargo

VP, Global Head of Marketing

Stephanie joined PrimeRevenue in 2015 and oversees the company’s global marketing team and strategy. With a data-driven approach, Stephanie focuses on demand generation and thought leadership to drive brand awareness, strengthen client/partner relationships, and generate new sales opportunities. Stephanie has guided PrimeRevenue through new technology releases and an evolving FinTech landscape. In addition to leading PrimeRevenue’s internal and external communications, she implemented innovative demand generation and marketing strategies to enhance the company’s overall sales pipeline.

Stephanie has extensive experience in marketing and customer success. She previously served as Vice President of Marketing and Communications at BitPay and Vice President of Client Relations and Marketing at FirstView Financial. Stephanie earned a B.A. degree in Political Science from Agnes Scott College in Decatur, Georgia.

Brian Medley

VP, Global Head of Sales

Brian joined PrimeRevenue in early 2012, after more than 20 years of sales leadership, executive-level consultant and business growth experience. As VP, Global Head of Sales, Brian leads a growing team of fintech sales professionals with a focus on developing strong customer relationships, improving sales predictability and helping PrimeRevenue enter the lucrative mid-market.

Prior to PrimeRevenue, Brian honed his enterprise software sales leadership skills at Clarus Corporation. He also served as an operations and IT management consultant for Kurt Salmon Associates. In addition to his sales and consulting background, Brian has deep experience in the financial industry having founded a successful residential mortgage broker and lending business. He is a graduate of the Georgia Institute of Technology having earned a B.S. in Industrial Engineering and Economics and M.B.A. in Global Business.

Jason Green

SVP, Global Customer Success

Jason joined PrimeRevenue in 2021 following more than two decades in the fintech/financial services industry. He brings a strong background is sales leadership due to his impressive relationship building capability as well as a successful track record in creating structure and process improvements. In his role, Jason uses his keen attention to detail to strengthen the customer experience and enhance the company’s solutions to deliver more value to clients.

Prior to joining the company, Jason held several senior level and executive roles with a focus on building and scaling sales and support organizations at both large and small companies. Jason graduated from Murray State University with a B.S in Marketing.

Matt Ford

SVP, Global Product Innovation

Matt joined PrimeRevenue in early 2015 and is responsible for overseeing all commercial, strategic and operational aspects of PrimeRevenue’s supply chain finance offerings throughout EMEA, based in Prague. He has been instrumental in gaining global alignment and developing supplier enablement processes for the region.

Matt joined PrimeRevenue following a 15-year career at Morgan Stanley, where he worked in fixed income operations covering debt syndication through bonds, EMTNS, corporate loans and other debt securitization. Notably, he set up non-core location operations in Europe (Budapest) and all lending operations in Baltimore from scratch.

Matt, who was born and raised in South East England, earned a B.S. in Sports Science at University of Teesside where he mastered the art of TEAM development and accountability as a youth international rugby player.

Dominic Capolongo

EVP, Global Head of Funding

Dominic joined PrimeRevenue in 2016, and is responsible for leading our bank and capital markets funding strategies and execution. He focuses on building global, scalable and highly efficient funding structures that maximize options for supporting PrimeRevenue’s programs. Dominic began his career as an attorney and was a partner with Kaye Scholer before joining DLJ as a senior banker. Dominic brings tremendous strategic and capital markets experience in all areas of finance having held senior positions at, among others, Credit Suisse and RBC Capital Markets in addition to DLJ. Dominic earned a JD from Fordham University School of Law and a BA from SUNY Binghamton.

Gavin Cicchinelli

Chief Operating Officer

Gavin joined PrimeRevenue as Chief Operating Officer in 2021. With more than two decades of leadership and executive experience along with a deep understanding of the payments space, Gavin provides a unique focus on improving and strengthening operational strategies and implementing GTM growth execution. He is responsible for leading transformation across corporate and operational strategies as well as building a repeatable and scalable commercial growth strategy that aligns with PrimeRevenue’s core business while delivering key adjacent growth opportunities.

Prior to joining PrimeRevenue, Gavin served as President and Chief Revenue Officer of Integrated Solutions at TSYS, a global payment processing services company acquired by Global Payments (NYSE:GPN). There, he also served as Head of Product and divisional COO. Throughout his career, Gavin has held multiple leadership positions including VP of Sales, SVP of Business Development, and President of Financial Institutions. Gavin graduated from the University of Northern Colorado, Greeley.

David Quillian

Chief Legal Officer

David joined PrimeRevenue as General Counsel in 2007. He and his team have been instrumental in successfully creating the unique legal structures that support PrimeRevenue’s multi-funder model and global funding capabilities. David is also the lead named inventor on PrimeRevenue’s two patents for Electronic Time Drafts, which allow PrimeRevenue to manage supply chain finance programs using electronic negotiable instruments as opposed to accounts receivable. Prior to PrimeRevenue, David was General Counsel at Harbor Payments, which was acquired by American Express (AXP) in 2006, and Magnet Communications, which was acquired by Digital Insight (DGIN) in 2003. He holds degrees in Economics and History from Duke University, and Juris Doctor and M.B.A. degrees from the University of Georgia.

Nathan Feather


Nathan has successfully ushered PrimeRevenue from our very early days as a visionary startup, through the financial crisis to today’s position as a thriving mid-sized leader in the cloud-enabled supply chain finance marketplace since joining PrimeRevenue in January 2006. He was instrumental in recapitalizing the company with an $80M investment led by BBH Capital Partners in 2015. Prior to PrimeRevenue, he held various financial management roles with Ariba, Freemarkets and PriceWaterhouseCoopers. Nathan holds a BS in Accounting from Pennsylvania State University.

PJ Bain


PJ has an impressive and accomplished track record as an enterprise software entrepreneur and executive. PJ has built a solid record of success with PrimeRevenue since being appointed Chief Executive Officer in July of 2009. The company has received numerous awards for growth, customer service, innovation, along with being recognized as a top employer.

PJ is a life-long software and technology entrepreneur having been involved in numerous firms in the roles of founder, executive, advisor and investor. Immediately prior to PrimeRevenue, PJ was the VP and General Manager of Exact Holding N.V. (NYSE/AMS: EXACT), a leading global provider of business software solutions. He was previously Founder and CEO of Inspired Solutions, an Atlanta-based, B2B software and services firm that grew to be the largest reseller of Exact Software in North America, later acquired by Exact. PJ holds a Bachelor of Industrial Engineering from Georgia Institute of Technology.