Open Banking Excellence, Moneyhub, and Streeva launch QR code-based Open Banking payments

Thursday 17 September 2020 14:18 CET | News

Open Banking Excellence (OBE), the community of Open Banking and Open Finance pioneers, has joined forces with Moneyhub Enterprise and Streeva for open banking-powered charity donations.

The partnership will 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 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. 

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. 

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Keywords: Open Banking Excellence, Moneyhub, Streeva, QR code, Open Banking payments, charity, donations
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech