The problem we solve
Double-pledging is the practice of pledging the same receivable as collateral to more than one funder. SPCR is designed to prevent it.
An originator holding a book of receivables can assign the same invoice to two funders without either being aware of the other, because there is no shared record of which receivables are already pledged. Each funder performs diligence on its own copy of the loan tape, and neither identifies the duplicate.
Limitations of existing safeguards
Covenants and representations are contractual promises. They provide a remedy after a breach but do not prevent one.
Audits and verification agents sample a book at a point in time. They report the position at the date of the review, not the current position.
Charge registers record a security interest over a pool or class of assets. They are not granular enough to show whether a specific invoice is already committed, and in many jurisdictions the filing cannot be searched at that level.
Data rooms and loan tapes are prepared by the originator. A duplicate pledge does not appear in a document produced by the party making it.
What SPCR provides
SPCR provides a single, shared record of each receivable that neither the originator nor the funder controls.
Each receivable is registered once and keeps its identifier permanently. Any further attempt to register the same receivable is rejected, across every pool and every originator on the registry. Because the record is held on a public blockchain, funders verify it directly rather than relying on a third party.
What SPCR proves: the receivable is registered, it has been registered only once, and a specific address holds it at the time of checking.
What SPCR does not prove: that the underlying loan exists, that the debtor will pay, that the amounts on the loan tape are accurate, or that an unregistered receivable is not pledged elsewhere. SPCR covers registered receivables only.
Opening a workspace requires STOKR to onboard the originator, during which STOKR reviews the applicant and agrees commercial terms with them. This onboarding is undertaken for STOKR's own commercial and risk-management purposes. It does not constitute, and should not be relied upon as, due diligence, endorsement or vetting of the originator, its receivables, or its ability to perform its obligations, and is not a guarantee of any kind. It is an additional layer of reassurance only, and does not replace a funder's own independent diligence.
An originator can choose not to register a receivable. An originator cannot register the same receivable twice, or present a receivable already held by a funder as unencumbered, because the funder can verify the current holder.