URICA

URICA is a revolutionary new online global payments network that helps businesses improve they way they make and receive payments.

For suppliers, URICA provides a competitively priced option for securing timely payments, and for their customers, easy and complete supply chain finance.

Millions of pounds are tied up in late payments across Europe, stunting business growth. Backed by the British government, URICA enables suppliers and their customers to simply agree the terms they both want when trading together.

 

HOW URICA WORKS

Suppliers and customers agree their terms of business, and suppliers issue invoices to customers across the network. URICA pays the full invoice amount to the supplier, as soon as 24hrs after it is raised, charging a small fee. Customers have up to 90 days to complete payment to URICA. Transactions can take place between a range of countries and in a range of currencies. 

URICA asks for no security from customers or suppliers and all payments are non-recourse and considered cash not debt. URICA is able to offer this because the platform is strategically backed by Euler Hermes, the world’s largest credit insurer, which brings big data on over 40 million companies worldwide, and checks the credit worthiness of a customer before granting them extended credit terms and agreeing to a transaction taking place over the platform.

By submitting or paying invoices through the URICA network, suppliers can offer competitive credit terms for customers, and customers can keep their quality suppliers happy, all supporting trade loyalty and quality control. URICA wants to encourage businesses to support their suppliers, and so customers can also claim 3% cashback on all balances settled via URICA, payable quarterly. 

URICA never gets involved in the customer-supplier relationship, but offers the opportunity to question any given invoice, trusting the companies to sort out any wrinkles among themselves. Euler Hermes checks the credit worthiness of any customer before agreeing to a transaction taking place on the URICA platform.

With a single charge for each transaction, URICA takes on all the risk of late- or non-payment and all credit insurance. The platform is also eliminating the risks for companies involved with import and export, such as currency fluctuations and debt collection, helping companies expand their markets.

URICA was founded by Lindsay Whitelaw, a Scottish businessman who co-founded Artemis, a leading UK-based fund manager with an asset base exceeding £19 billion, and Ian Fitzharris, a chartered accountant. Ian built Euro Sales Finance into a market leading European commercial finance business that was the first fund raising on the AiM, listed on the LSE, and was sold to a global banking group.

The URICA mission is simple: to get business trading on better terms. We believe its unique platform is doing just that. 

For more information on URICA and to take advantage of this opportunity click here.

Read case studies of businesses which have benefited from URICA in the COBCOE Make Europe Work! magazine here.

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