MOSVELDTT Secures Patent for UnionBank’s First Financial Supply Chain System

MOSVELDTT Law successfully patented UnionBank of the Philippines’ Financial Supply Chain platform under Patent No. PH 2/2021/050850 entitled “Computer-implemented System for a Financial Supply Chain System through Blockchain Technology”. This patent continues UnionBank’s trailblazing achievements consistent with its standing as the Best Digital Bank in Southeast Asia.

UnionBank’s patented Financial Supply Chain platform utilizes blockchain technology to enable seamless  transactions without compromising security, efficiency, and customer experience. The immutable character of the blockchain enables secure high value transactions through sensitive data and information exchange through blockchain and smart contracts.

It ensures 100% visibility over the transactions among suppliers, distributors, and buyers and allows for automated processes mitigating risks of fraud and human error. This enables UnionBank to offer non-traditional payment options to small and medium enterprises, distributors, suppliers and dealers while digitising the invoice presentment and demand order processing. Businesses, particularly Medium Small and Micro Enterprises are given greater access to working capital and to more strategic cashflow management.

This is the 9th patent that the Firm has secured for UnionBank. MOSVELDTT continues to work with UnionBank to secure its place as the country’s leader in digital innovation.

MOSVELDTT shall continue supporting UnionBank technological innovations in digital banking and fintech as we continue to revolutionize the way Filipinos and the world do business.