The Receivables Exchange is an auction-based marketplace that connects large sellers of trade receivables to a broad network of institutional buyers. Transactions over the exchange are standardized and structured to result in a ''true sale'' of the receivables, thus offering balance sheet benefits to sellers and attractive risk-adjusted returns to buyers.

The auction model provides corporations with a transparent channel to monetize receivables while providing investors access to the accounts receivable market as well as liquidity, balance sheet, and risk management services. Launched in 2007, the marketplace is operated from New York, United States.