The holiday period is the most important time of year for charities. But with the decrease in cash usage, charities must look for alternative ways to increase non-cash donations; without compromising convenience.
The Nordic open banking provider Neonomics has come together with UNICEF Norway to facilitate non-cash donations with open banking payments.
The partnership seeks to make donating this holiday period easier. With open banking, donators pay directly from their bank. This eliminates the need for share sensitive data or card details to be shared and increases the security of the process.
Open banking simultaneously reduces costs for non-profit organisations as payments are more cost-efficient and incur fewer fees than payment alternatives.
Neonomics CEO and founder, Christoffer Andvig, describes the partnership’s goal as “to create a more efficient payments ecosystem benefiting both those that donate and those that receive donations.”
“UNICEF has been instrumental in promoting causes that we strongly support, and with our contribution, we hope to inspire others in our industry,” continues Andvig.
To help maximise the reach of this campaign, Neonomics will not charge any transaction or processing fees.
On a similar note, the company has recently formed a similar partnership with Worldline to support its open banking payments across Europe.
Speaking on the collaboration, Marianne Myhrer Kristiansen, director for marketing and fundraising at UNICEF Norge confirms the organisation’s commitment to “protecting disadvantaged children such as in war, poverty and violence.”
“Unfortunately, we have seen a lot more of this this year with the war in Ukraine and the consequences also for children and families around the world,” continues Kristiansen. “We’re pleased that Neonomics are supporting our mission through their work.”
The benefits of open banking within the context of charity is the main point of focus for GoCardless‘ latest research. The open banking provider has identified how open banking technologies not only make the charitable process more transparent but also generate more monetary value for the recipients.
Image and article originally from thefintechtimes.com. Read the original article here.