Fintech firms launch open banking powered charity donations

Open Banking Excellence (OBE), Moneyhub Enterprise and Streeva launch QR code-based open banking payments with automated Gift Aid today, providing people in the UK with another way to donate to charity. The launch means people in the UK will be able to donate to their choice of four charities by scanning a QR code with their phone to pay directly from their bank account to the charity’s bank account – with automated Gift Aid where applicable. Moneyhub has created a QR code that will be available on OBE’s website for people to donate to either MyBnk, SSAFA, EACH, or Bristol Inclusive Thrill Seekers: a charity supported by and local to Moneyhub. Once the QR code has been scanned with a smartphone, it prompts users to choose a charity and the donation amount. UK-based donors can then pay directly from their bank account to the charity’s account without setting up payments in their online banking app. Moneyhub’s Open Banking technology means the payment is instant, using the same Faster Payments infrastructure as for common bank transfers. Streeva’s Swiftaid automates Gift Aid, and Moneyhub’s Open Banking payment API means the charities will not have to pay credit and debit card-related transaction fees, or rent or buy POS card readers. Samantha Seaton, CEO of Moneyhub, said: “Open Banking and Open Finance are transforming the way consumers interact and manage their finances, and revolutionising how we pay. Half of UK shoppers have not used cash since lockdown began, highlighting the move towards a cashless society. All companies, no matter if large or small, are now easily able to leverage the power of Open Finance and benefit from faster, more dynamic, and incredibly cost-effective payments. “We are proud that our collaboration with Streeva and OBE means that charities in particular benefit from QR code payments, initiated through our Payment API. Open banking eradicates interchange fees and turns a common smartphone into a payment device. It can minimise donation leakage whilst also increasing donations as it is so quick and easy. It is imperative that those who rely on cash payments, such as charities, adapt to survive.” David Michael, co-founder and CEO of Streeva, said: “It’s been a pleasure to be involved with this initiative and to work alongside Moneyhub and Open Banking Excellence. Helping charities gain more through the use of new innovations and technologies at a time that is needed more than ever. I believe that with the right collaborations, we can make a huge difference to the charity sector.”        

from UK Fundraising https://ift.tt/33DOxx2