GES Stands behind URO “Alternative” Payment Methods for UREA
GES board stands behind URO as an Alternative “international” Payment method for UREA.
AGM Sydney Australia 13-17 June 2014
Article 33 – URO – Alternative Payment Methods for UREA
Uro is an alternative payment method for urea purchases over traditional financial instruments. Uro saves on fees & banking charges while preventing delays & inconveniences. Uro avoids the problem of bank reputation and trust, while preventing fraud.
33.1 Savings on Fees & Charges
With traditional financial instruments(BG/SBLC/LC), the fees are decided by banks. Banking charges have risen to alarming levels in recent decades, and now account for over 10% of gross margins. Over $100K in fees and charges are incurred in every single transaction and this situation is unfortunate for both the buyers and GES. Uro is the “next generation” answer to this growing problem. Uro is a self-maintaining decentralized network that seamlessly processes payments of any size with fees under 0.1%. Uro’s fees are automatically split between the public operators of the network, and do not increase significantly with the size of the transaction. For example, a 100 Uro transaction may have a fee of 0.001 Uro, while a 100,000 Uro transaction would have a transaction fee of 0.005 Uro.
33.2 Eliminating Delays & Inconveniences
The average transaction time on banking instruments is 10 days. However, more than 30% of all transactions still get cancelled even after a RWA/RMA has been approved by the banks. Each document cancellation multiplies the delay from days to weeks and possibly months, risking the entire purchase. Uro experiences no delays because transactions are fully electronic and automatic – with not central authority or bank that can fail, make mistakes, or delay approvals based on circumstances or agendas. Every Uro transaction becomes ‘pending’ on the receiver’s side within 15 seconds of the payment being sent – and reach final confirmed’ after less than 2 hours. Uro transactions are processed automatically 24/7/365, even on public holidays, during strikes, or when the bank is closed.
33.3 Fraud Mitigation
There are countless ways for fraud to occur in any complex commercial deal. The root of the problem is that all traditional methods of financial transaction involve many people – and if just one of these people are tempted to commit fraud, many problems occur that can lead to loss of funds, time and reputation. Uro’s operation is completely automatic and electronic, with no human operators. The entire system is run and protected by mature mathematics and technologies that have been used in the internet banking industry for more than 15 years. Because of these characteristics, Uro transactions and funds cannot be counterfeited or modified before, during or after purchases – hence eliminating all fraud opportunities completely.
33.4 Avoiding Bank Reputation & Trust Issues
More than 70% of GES customers prefer to send out payment instruments via local banks (non international rated banks), these do not meet the requirements dictated by GES’s own banks. This situation leads to significant delays and is necessary for the bank to prevent fraud. However, as Uro is not subject to fraud at all, there is no need to screen buyers. Anyone that is able to pay Uro is automatically and definitely a valid buyer with the required funds to complete the purchase.
Below Pictures: Mr Nilesh Nair with Members of Uro Foundation – 18 June 2014