Open Banking Expo has teamed up with the Open Banking Implementation Entity (OBIE) to launch a campaign showcasing how Open Banking can help charities and non-for-profit organisations unlock new fundraising opportunities.
The Open Banking social media campaign will run every Tuesday throughout November, using the hashtag #GivingTuesday.
Among the payment platform and charities set to feature in the campaign are Open Banking payments platform BOPP and its work with national parent-teacher association (PTA) charity Parentkind, as well as Open Banking app Pledjar, which works with the Charities Aid Foundation to help the likes of Cancer Research UK maximise every donation, charitable giving platform Wonderful, and global donation platform JustGiving.
One of the purposes of the campaign is to highlight how Open Banking technology is helping reduce transaction costs and improve the time it takes for one-off collections and regular donations to be processed, among other challenges faced by charities.
Connie Castro Feijoo, OBIE ecosystem engagement specialist, said: “With the increased cost of living, many of the UK’s charities and social enterprises are facing fundraising shortfalls.
“Open Banking payment solutions can offer a way to intelligently increase net income through reduced payment processing costs, as well as offering flexible opportunities to donate. These include micro-donations, where donors opt to round up transaction amounts and give permission for the surplus to be transferred to their chosen charity, and the use of QR codes.
“That’s not all. One leading charity platform noted that the average Open Banking transaction value is almost twice the amount of a regular donation, as many donors prefer to support charities that don’t use an intermediary which charges processing fees.”
Adam Cox, co-founder of Open Banking Expo, said: “Every penny counts for many households and organisations, especially amid the growing cost-of-living crisis. And we are proud to work with the OBIE on this campaign to help drive awareness about the potential and benefits that Open Banking technology can offer to charitable and not-for-profit organisations to create new fundraising revenue channels while maximising existing donations.”
The campaign will run from Tuesday, 1 November until Tuesday, 29 November across Open Banking Expo and OBIE’s Twitter and LinkedIn channels.
Read the OBIE’s ‘Charities guide to growth through Open Banking’ in full here.