Why is Parity a tool for Local Economic Resilience? A currency designed to support independent businesses and boost the local economy is not a complete novelty mainly because of the long standing experience of the WIR Bank in Switzerland. Established in 1934 by Zurich’s entrepreneurs, WIR was conceived to address the lack of liquidity and credit crunch in years of economic depression.
The financial instability after 1929 made credit unavailable or very expensive, uncertainty reduced the overall consumption resulting in revenue losses; nevertheless the capacity of local businesses to produce and sell had not changed.
Why we use FreeAgent for our accounts software plus a referral code (49mrifmj) Previous to my time with Parity I had owned a web design company and a software contracting company. In this field FreeAgent is very popular as online accounts software as a replacement for either Sage / Quickbooks or a mix of spreadsheets provided by an accountant.
When starting Parity I knew that I wanted something similar for this business but assumed a “proper” business would need something more than FreeAgent which is really targeted to very small companies.
Ten things you must know about Parity 1. What is Parity? Parity is a network for independent businesses in the Jewellery Quarter with its own local currency. Our digital platform facilitate networking and allows members to promote their business, connect with new local customers and increase revenue. Members can also benefit from using a local currency, called Parity, and accessing an interest free credit line to support cash flow and purchase expenses.
How can Parity help grow your business? An innovative platform to connect you to a new local market Parity offers small businesses a platform to access a new local market. It replicates highly successful networks in Italy and Switzerland, where 10,000s of businesses conduct €100millions of new trade each year. Parity connects you with new customers, opens up new trading opportunities and reduces your supply chain costs. It offers its members a zero interest credit facility, boosting liquidity and smoothing cash flow.
Parity explained through our first Birmingham transaction Parity is first business credit network within the UK and uses a model that has proven highly successful in Switzerland and Italy. Last Tuesday we had our launch in Brindley Place, Birmingham that was well attended by individuals and organisations from across the region. The event hosted a demonstration of our technology, but also provided guests an outline of how Parity works. We actually had our first transactions between two companies on our platform.
Launch of Parity in Birmingham UK’s first business credit network launched in the West Midlands
Parity hosted its launch event on Tuesday 9th of April at the NatWest Accelerator in Brindley Place, Birmingham. It was well attended by stakeholders from across the West Midlands who were interested in how Parity could help small businesses. We are the first business credit network in the UK and aim to support the regional economy.
Our talk at the Big Data Corridor Event at Innovation Birmingham Campus Parity is a business credit network that will provide businesses within the West Midlands with more clients and access to a zero interest credit facility. We have been supported by the Innovation Engine project at Innovation Birmingham, the region’s leading digital and technology community. Yesterday I was given the opportunity to present Parity to a small group of that community to gage the initial reactions.
What is Parity? What is it? Small businesses are the lifeblood of our modern economy. They make up 99% of all businesses in the UK and employ 60% of all workers. Small businesses are usually interested in taking on more clients and delivering more work. Unfortunately many of them find themselves overly reliant on big corporations for the chunk of their work. As seen in the West Midlands with the recent collapse of Carillion; when these fail, small companies and their employees are unduly affected.
The Development of Parity - Business Credit Network for the West Midlands West Midlands Business Credit Network Parity has evolved from a two year project researching a local currency for Birmingham, modelled on the Bristol Pound. The project provided the basis of a working group to explore the potential for an alternative currency in Birmingham. Research conducted included engaging with other local currency models in UK and European markets, allowing the project to fully understand the benefits and limitations for the initiatives.