Euler Hermes UK (EHUK), the UK’s leading credit insurer, has launched PaymentPlus, a new product for invoice finance providers and their clients.
Developed in consultation with leading invoice finance providers to specifically address the needs of the receivables finance market, PaymentPlus supports extended debtor finance by enabling invoice finance providers, whose clients are protected by this product, to increase core revenue without increasing risk. The PaymentPlus product complements recourse invoice finance with the addition of bad debt protection for the client and the certainty of a known payment date for debts beyond the recourse date.
James Daly, Commercial Director of Euler Hermes UK, explains: “We have devised PaymentPlus so that it combines the assets of a traditional credit insurance policy with enhanced benefits for both the insured and their invoice finance provider.”
He continued, “Addressing the commonly held concerns around claims payment in the industry, PaymentPlus also ensures that recoursed insured debts will be paid within 30 days of placement, unless successfully collected before this time. Collection recoveries and/or claim payments will be paid directly into the invoice finance providers’ nominated bank account, providing them with the opportunity to extend debtor finance to their client beyond recourse date with the comfort of a known payment date.”
The new PaymentPlus product also offers cover for Organisation for Economic Co-operation and Development (OECD) markets, providing the invoice finance provider with a further opportunity to increase funding with the confidence of limits cover and international collection services from EHUK and 30 day payment of insured debts from placement.
Additionally PaymentPlus allows the option to cover invoices raised up to 60 days prior to the policy start date, protecting the invoice finance providers’ interests immediately from take on of new business.
PaymentPlus also incorporates an Enhanced Financier’s Endorsement scheme which provides assignment of policy benefits to the invoice finance provider and including the right to take over the operation of the policy in the event of client insolvency.
Over the past six months EHUK has successfully piloted PaymentPlus in conjunction with EFCIS Ltd, a specialist credit insurance broker in receivables finance, and Bibby Financial Services.
About Euler Hermes
Euler Hermes is the worldwide leader in credit insurance and one of the leaders in bonding and guarantees. With 5,500 employees in 49 countries, Euler Hermes offers a complete range of services for the management of customer receivables and posted a consolidated turnover of 2.01 billion euros in 2006.
Euler Hermes, a subsidiary of AGF and a member of the Allianz group, is listed on Euronext Paris. The group and its principal credit insurance subsidiaries are rated AA- by Standard & Poor’s.
Euler Hermes PR contact:
Euler Hermes UK
1 Canada Square
0207 860 2546
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