Structured Trade & Commodity Finance
Receivable Purchase
True-sale purchase of trade receivables — not lending against them, but buying them outright. The regulatory foundation that lets Caviar operate without a banking license in every target jurisdiction.
Key figures
How it works
From invoice origination to instant payment.
Verify and purchase receivables
ERP oracle confirms invoice approval cryptographically. Caviar purchases the receivable outright — true sale, not lending.
Supplier delivers goods and issues invoice to buyer. The receivable is a confirmed, unconditional payment obligation — not a prospective or disputed claim.
SAP S/4HANA or Oracle Fusion API confirms invoice approval on-chain. Goods receipt, quality acceptance, and payment terms verified cryptographically. No phone calls, no fax.
True-sale transfer, auto-repayment
Non-recourse true sale with IFRS 9 derecognition. Self-liquidating on the invoice due date.
Caviar purchases the receivable outright. Title transfers unconditionally — the receivable leaves the seller's estate. IFRS 9 derecognition achieved. Non-recourse to seller.
On the invoice due date, the obligor pays Caviar directly via assignment-of-proceeds. Self-liquidating. Dilution reserve covers invoice disputes; seller has no ongoing credit exposure.
Capabilities
True sale is the foundation. Everything builds on it.
True-sale legal structure
Not lending — outright purchase. No banking license required in any corridor. Jurisdiction-specific true-sale opinions from Clifford Chance (Singapore/DIFC), Mattos Filho (Brazil), Aluko & Oyebode (Nigeria), and AZB (GIFT City).
Multi-jurisdiction coverage
Seven corridors operational: Singapore, DIFC, OHADA (West Africa), Nigeria (CAMA 2020), Chile (CMF Law 19.983), Brazil (ANFAC framework), and GIFT City (IFSCA Regulations 2021). Each with dedicated true-sale opinion.
ERP oracle integration
Direct API connections to SAP S/4HANA and Oracle Fusion Cloud. Invoice approval, goods receipt, and quality acceptance verified cryptographically on-chain. Eliminates phone-based confirmation entirely.
KYA credential verification
ZK-verified Know Your Asset credentials confirm legal entity, beneficial ownership, and historical payment behavior. Companies registry cross-check in every jurisdiction. No self-certification.
Automated collections
Assignment-of-proceeds clause directs obligor payment to Caviar. On-chain tracking of payment status, aging, and dilution events. Automated escalation workflow for delinquencies beyond grace period.
Cross-border receivable pooling
Receivables from multiple corridors pooled into a single CLO vehicle via Cayman SPV. True-sale opinions per corridor enable AAA tranche rating. Bankruptcy-remote from originator insolvency under IFRS 10/ASC 810.
Comparison
Traditional vs. Caviar
| Traditional Factoring | Caviar | |
|---|---|---|
| Structure | With-recourse lending in disguise | True-sale, non-recourse purchase |
| Discount rate | SOFR+400–800bps (EM factoring) | SOFR+150–350bps via CLO funding |
| Settlement | 3–7 business days | <6 seconds atomic DvP |
| Balance sheet | Remains on seller books (recourse) | IFRS 9 derecognition achieved |
Use cases
Real-world applications
Singapore-Vietnam electronics
Tier-2 PCB and component suppliers with Apple, Samsung, and Foxconn confirmed invoices. 88–93% advance at buyer credit quality. ERP oracle confirmation via SAP. $150–300M annual origination target.
East Africa apparel EPZ
Ethiopian and Kenyan garment factories exporting to H&M, Zara, and Primark on 60–90 day terms. BGMEA-equivalent membership verification. 88–92% advance against investment-grade European buyer credit.
Brazilian agri-export receivables
Soybean, coffee, and sugar export receivables purchased under ANFAC fomento mercantil framework. Pinheiro Neto true-sale opinion. Non-recourse purchase with Caviar SPV registered as empresa de factoraje under CMF.
Deploy receivable purchase.
True-sale structure across seven corridors. Non-recourse, IFRS 9-compliant, CLO-eligible from day one.