Open banking platform Nuapay announced on Wednesday it has formed a partnership with payment processing startup Felloh! to create a new solution that will enable consumers to donate to charities through an open banking process, with over 50% of beta testers finding it easier to use than PayPal.
According to the duo, Felloh!’s new open banking based solution will charge charities 80% less than other online donation platforms – already attracting the attention of the Spotlight on Africa.
“By utilising Nuapay’s FCA regulated open banking payment platform, Felloh! can strip out avoidable processing costs charged by card schemes and enable a higher percentage of donations to be received by charitable causes. A £50 donation made on the Felloh! website incurs a 25p processing cost, in contrast to the incumbent fundraising websites, which charge £1.15 on the same donation to cover payment processing.”
Payments are reportedly transferred in real-time and reconciliation is fully automated, reducing the administrative burden on charities and social enterprises. Charities may also opt to have GiftAid automatically calculated in a HMRC-friendly presentation. While sharing more details about the collaboration, Will Bicknell, Founder at Felloh!, stated:
“We selected Nuapay as our partner due to its extensive functionality and service levels – no other platform could also provide current accounts for charities to manage their donations through.”
Nick Raper, Head of UK at Nuapay, added:
“We’re always delighted to be presented opportunities with charitable agendas and when Felloh! approached us we immediately recognised its potential. The work Felloh! is doing will go a long way in demonstrating the capabilities of open banking platforms while revolutionising the way charities are able to accept donations.”
