New tech helps public donate
Tech companies have joined to make open banking-powered charity donations mainstream.
Open Banking Excellence (OBE) has joined forces with Moneyhub Enterprise and Streeva to make it happen.
Together they will 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.
It also offers automated Gift Aid, which enables charities to claim an extra 25% on each donation.
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.
The payment is instant, using the same Faster Payments infrastructure as for common bank transfers.
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.”