Crowded, a digital platform dedicated to providing nonprofits and membership organizations modern, tech-enabled financial services that meet their unique needs, announced a new collaboration with Visa, the digital payments provider, to implement Visa Direct.
Powered by Cross River, a technology infrastructure provider “that offers embedded financial solutions, and Checkout.com, this new partnership will enable registered nonprofit organizations banking with Crowded to transfer money globally in-app.”
Crowded is releasing the new platform “as a B2C product with summer camp international staff as the primary beneficiaries, with a later release slated for September 2024 for B2B transactions for registered nonprofits with cross-border operations.”
For the tens of thousands of young people “around the world coming to the United States to work at a summer camp each summer, everything is like what they’ve seen in the movies – except for the headache about receiving their salary.”
They need to create “a local bank account for just a few months, close it, and figure out how to wire the remaining money back to their home country and currency.”
With Crowded, these international counselors “can spend their paycheck through their digital wallet, wherever Visa is accepted. At the end of the summer, using Visa Direct, which facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets around the world, they can transfer their remaining balance into their home bank account in-app.”
The later release will unlock “the ability for Crowded’s clients, primarily nonprofit institutions in the K-12 and higher education sector, to push funds to international recipients.”
This would help organizations “such as fraternities with international chapters, registered nonprofits with operations in Canada, or any organization with international travel or initiatives.”
Daniel Grunstein, Co-Founder and CEO of Crowded said:
“Our main goal for partnering with Visa, Checkout.com, and Cross River for Visa Direct is to cut out the high fees and long turnaround times associated with international transfers. We want to make it as accessible as possible for nonprofits to accomplish their good work, regardless of whether its international or not.”
Yanilsa Gonzalez-Ore, North America Head of Visa Direct said:
“We’re delighted to be partnering with Crowded to enable seamless international transactions for nonprofit organizations. This collaboration reflects Visa’s commitment to simplifying the transfer of funds globally. With Visa Direct, we’re empowering nonprofits to efficiently manage cross-border operations. This is a step towards a more connected and inclusive digital economy.”
Keith Vander Leest, Head of Payments at Cross River said:
“Powering the fast and efficient movement of money across borders is essential in today’s dynamic and global economy, empowering businesses and individuals to thrive in an interconnected marketplace. Cross River has supported and promoted philanthropy and the underbanked since we opened our doors, and we’re proud our work with Crowded, Checkout and Visa Direct will help facilitate the incredible work of nonprofit organizations.”
Crowded simplifies financial management for nonprofits through “a digital banking platform.”
The unique platform offers partners nonprofit bank accounts, which “streamline officer transitions, passive fundraising, expense tracking, payment collection, and donations. Crowded provides enhanced financial oversight, removing the hassle of managing funds across platforms.”
Crowded offers Visa Direct capability “for efficient international payment processing with a Push to Wallet capability in development.”
