You may remember The Receivables Exchange, or TRE, which we covered in our January 2008 issue. Well, TRE finally got up and running late last year, and companies with more than $1.5 million in annual sales can now sell their receivables online to the highest bidder. More than 20 buyers are participating, including banks, hedge funds, and traditional factoring firms. Within four weeks of the exchange's launch last November, more than $1 million in receivables had changed hands, according to co-founder Nic Perkin. One receivable was sold within 15 minutes, though a sale usually takes three to 10 days.