Charities no longer have to pay credit and debit card fees
No need to spend on POS PIN pads or contactless card readers
Instant bank-to-bank payment settlement improves cashflow
Charitable donations boosted by 25% Gift Aid automatically
Scan the QR code above to give it a try, or simply click if you’re viewing on mobile
LONDON & BRISTOL, 17 September 2020 – Open Banking Excellence (OBE), the world’s leading community of Open Banking and Open Finance pioneers, has joined forces with Moneyhub Enterprise and Streeva to take open banking-powered charity donations mainstream.
OBE has partnered with some of the best in the industry to introduce a new method for donations in the UK through scanning a QR code with a phone to pay directly from one bank account to the charity’s bank account and offers automated Gift Aid, which enables charities to claim an extra 25% on each donation.
Moneyhub, the award-winning Open Finance data, intelligence, and payment API provider that brings Open Banking to businesses within and outside of financial services, has joined forces with Streeva, creator of Swiftaid – a Gift Aid solution helping to reduce the half a billion pounds missed each year in unclaimed Gift Aid by fully automating the current onerous process.
This new way of giving uses Open Banking technology and offers huge operational and cost efficiencies.
COVID-19 has dented the ability of the third sector to raise funds due to social distancing, lockdown and a general demise of cash. The challenge has never been greater than now.
Moneyhub created a QR code which will be available on OBE’s website for anyone looking to support one of 4 available charities: MyBnk, SSAFA, EACH, and 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 the complexity of setting up payments in their online banking app. Thanks to Moneyhub’s Open Banking technology that powers it, the payment is instant, using the same Faster Payments infrastructure as for common bank transfers.
Swiftaid automates Gift Aid, a UK tax benefit, which boosts charitable donations by 25%. With Moneyhub’s Open Banking payment API, these charities will not have to pay credit and debit card-related transaction fees, nor need to rent or buy POS card readers.
All this helps charities make the most of each donation.
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 great partners, 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.”
Helen Child, founder of OBE, said: “We believe in commercial karma. As an industry community with a powerful tool like Open Banking, we felt compelled to create new channels to generate crucial funds. I was touched and proud to see talented people coming together to work on this powerful initiative, helping Open Banking payments become ubiquitous.
"We all read and talk about collaboration. For the Open Banking sector to truly trailblaze and grow I believe collaboration must be our key watchword. The partners have walked the walk, working together to shine a light on the immense talent we have within our community.”
Notes to editors
Contacts
Tatyana Marsh: tatyana@openbankingexcellence.org
Ingrid Anusic: ingrid.anusic@moneyhub.com
Beth Michael: beth@streeva.com
About Moneyhub
Moneyhub is the leading Open Finance platform that enhances the lifetime financial wellness of people, their communities and their businesses. Moneyhub’s APIs and white label solutions power businesses - both from within and from outside of financial services - with data connections and intelligence, leveraging Open Banking payments to enable hyper-personalised experiences that drive customer engagement.
The company takes consumer data security seriously and has been instrumental in the roll-out of Open Banking from its beginning. Providing Open Finance solutions since 2014, Moneyhub is authorised as AISP and PISP by the FCA, ISO-27001 certified, a founding member of FDTA and a member of EMA.
Connect with us on LinkedIn and Twitter.
About Streeva
Streeva automates everyday processes by making transactions smarter.
On a mission to make payments work better for everyone, Streeva is establishing the first global payment messaging network. An open platform for governments, payment providers and organisations to leverage payment data without compromising on privacy.
Through Streeva’s ability to combine new technologies with knowledge of legislation and payment processes, Streeva helps UK charities benefit with automatic Gift Aid through their initial solution ‘Swiftaid’.
Connect with us on Linkedin and Twitter
About OBE
Open Banking Excellence (OBE) is the world’s leading community of Open Banking and Open Finance pioneers, including fintechs, banks, regulators, BigTechs and wider financial services institutions that gather to learn, share stories, spark debate and, importantly, collaborate.
OBE is the authentic voice representing a global movement of like-minded experts who through collaboration provide technical, regulatory and legal insight into Open Banking and its wider implications for a dynamic and innovative financial sector.
Connect with us on LinkedIn and Twitter.
About MyBNK
MyBnk is a UK social enterprise and charity who specialise in financial education and enterprise for 7-25-year-olds with the goal of equipping young people with the skills to manage money and become work-ready.
About SSAFA
SSAFA, the Armed Forces charity, has been providing lifelong support to our Forces and their families since 1885. Last year our teams of volunteers and employees helped more than 85,000 people in need, from Second World War veterans to those who have served in more recent conflicts or are still currently serving, and their families.
SSAFA understands that behind every uniform is a person. And we are here for that person – any time they need us, in any way they need us, for as long as they need us.
About EACH
EACH care for children and young people with life-threatening conditions across East Anglia, and support their families. Learning your child has a life-threatening condition and is not expected to reach adulthood, puts the families in our care on one of life’s most challenging journeys. Our specialist care and support provides a lifeline in the darkest of times, helping to support local children and families in a way that is right for them. Whether they need short break or end of life care, help with symptom management or specialist counselling or therapies – such as art or music - we give families flexibility, control and choices over the care they receive.
About Bristol Inclusive Thrill Seekers
Bristol Inclusive Thrill Seekers are a volunteer-led charity that provides people of all abilities and backgrounds the opportunity to take part in adventure sports such as Rock Climbing and Parkour. Our team of hard working volunteers have the know-how to support a range of disabilities and impairments. With these skills we’re able to provide regular 1-1 or small group sessions that support young people in developing what we see to be skills vital for achieving independence. We believe there’s no better way to achieve this than through adventure sports.