HealRWorld has unveiled a new corporate debit card that pioneers business sustainability and environmental, social and governance (ESG) initiatives.
The social impact fintech, which is based in New Jersey in the US, has launched a corporate debit card that will reward sustainable businesses and promote the United Nations Sustainable Development Goals (UNSDGs).
The offering comes complete with various business banking features, including multi-currency accounts, domestic and international payments, employee cards and an expenses management app; all tied together within the company’s accounting platforms.
In addition to these features, users will have access to the company’s ‘Sustain Planet Earth Committed (SPEC)’ SDG self-reporting educational tool and designation for small businesses.
This will enable users to learn more and report on their support of one or more of the SDGs, as well as to the ESG-aligned consumers and businesses of the company’s digital community and marketplace.
The company has integrated its sustainability data on global small and mid-sized businesses (SMEs) into the offering, data that has indicated that businesses which are committed to achieving ESG standards are, on average, three times more creditworthy than their peers.
“We believe your everyday spend can be a vote for the kind of world you wish to see, and we hope our new product will enable merchants to further their sustainability goals and join the community of businesses globally committed to achieving the UNSDGs by 2030,” comments Michele Bongiovanni, the company’s founder and CEO.
She continued, “We want to empower companies and consumers to purchase with the knowledge that they are taking a constructive step towards making the world a better place for our environment and people.”
The offering has been developed through the company’s collaboration with Mastercard and its ‘Priceless Planet’ initiative, RailsR, Toqio and Penrose Digital.
The card is to be embedded with the payment tools of RailsR, linking a debit card and payment account to Mastercard’s initiative.
The card will allow users to give back to the planet by contributing towards planting a tree with each purchase.
“This is a great initiative from HealRWorld,” comments RailsR CEO and co-founder, Nigel Verdon. “We need this type of vision and foresight if we are to cope with the issues facing our planet. We are proud to be working alongside Mastercard and Toqio on this project.”
The HealRWorld debit card will be launched using Toqio’s white-labelled digital finance software-as-a-service (SaaS) platform.
The Toqio platform allows clients to launch specific use cases on a single, shared infrastructure, including digital banking, card and financing solutions.
“Toqio’s flexibility will allow for a seamless process in creating this debit card and we are delighted to have partnered with HealRWorld to deliver a proposition with such a positive impact in support of the UN’s sustainable development goals,” adds Mike Galvin, Toqio’s CCO and co-founder.
Penrose Digital has been an early adopter of both the RailsR and Toqio platforms and will act as programme manager for the HealRWorld initiative.
“We are excited to be a partner in this amazing adventure,” comments Penrose Digital’s co-founder and COO, Annemarie Knevitt.
“We believe that by directly linking everyday activities, such as corporate spending, with the actionable outcomes of Mastercard’s Priceless Planet Coalition, HealRWorld will make a tangible difference to the significant challenges we face.”
Future developments to HealRWorld’s latest offering are expected to include spending monitoring capabilities, alongside carbon footprint leveraging purchasing data from merchant category codes (MCCs) via the Priceless Planet carbon calculator feature.
Image and article originally from thefintechtimes.com. Read the original article here.