The Jewelers Board of Trade (JBT) has unveiled a suite of new tech-based services that assist members with everything from filing UCCs to analyzing their social media skills.
Perhaps the most noteworthy service allows manufacturers to quickly and easily file Uniform Commercial Code (UCC) forms for memo goods in 47 states.
“For decades, JBT has been yelling at its members that when they do memo transactions, they should file UCCs,” says Erich Jacobs (pictured), president of the Warwick, R.I.–based credit rating group. “It’s just amazing to us, year after year after year, despite our pleadings, how many [companies] don’t file UCCs, they just throw out memo goods,” leaving them unprotected in case of a bankruptcy.
The problem is, vendors consider filing UCCs burdensome and expensive, Jacobs says.
“So we partnered with a technology company that will allow our members to go to a website hosted by JBT, type in a few things about the transaction, and [the] UCC will be filed for them automatically. And it’s done. It’s very fast and a lot less expensive than going through a lawyer.”
JBT has also introduced an API (application programming interface) that will give manufacturers easy access to JBT’s credit database through their existing software.
“An API lets an external system, such as a manufacturer’s accounting system, directly interface with the information we have with JBT,” he says. “So, if a manufacturer is signing up a new customer and they want to immediately look up the...
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