Innovations: ETS & EWR
The need to eliminate paper warehouse receipts became evident following the trading of a record 385,599 bales on TELCOT™ in February 1989. Soon thereafter, PCCA began developing programs to create electronic warehouse receipts (EWR) and an electric title system (ETS) to work hand-in-hand with TELCOT and facilitate the trading or transfer of electronic receipts. Following a pilot project at one warehouse, these programs and systems were patented and implemented throughout PCCA's entire system by the fall of 1990 resulting in increased efficiency, reduced costs incurred by gins and cotton buyers, and expedited shipments to textile mill customers. Although PCCA owned the EWR and ETS patents, the cooperative shared the new technology with the U.S. cotton industry. Today, this technology is the standard upon which ownership of U.S. cotton is transferred.