Account Receivable Financing can be a thirst-quenching alternative financing to small and medium companies who could not have limited access to traditional financing methods such as capital market and bank loan. Sale and assignment of account receivables, discount of account receivables, borrowing with security interest over the account receivables, and factoring can be categorized as account receivable financing. Recently, electronic invoices are introduced for account receivables. Large companies must issue electronic promissory notes instead of paper notes. Korea Financial Telecommunications & Clearings Institute runs a system to issue, transfer and collect electronic invoices. Each commercial bank runs its own system to create security over account receivables through electronic invoices. Usually such financing is recourse basis. Pooling of account receivables can be used as security. Such a pool can also be transferred through sale. It is not clear how the court would recognize such transaction when the pool contains future receivables, especially in case of insolvency. Securitization of account receivables is widely used as a statute (Asset-Backed Securitization Act) allows registered securitization to enjoy certain benefit. Non-registered securitization is used by originators who does not qualify for registration or small-size funding.