Crowded, a digital platform providing tech-enabled financial services to nonprofits, partners with Visa to implement Visa Direct. With support from Cross River and Checkout.com, this collaboration facilitates global in-app money transfers for registered nonprofit organisations using Crowded's banking services.
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 international counselors working at US summer camps, receiving their salary poses challenges. They typically need to open and close a temporary local bank account, then navigate transferring the remaining funds back to their home country. With Crowded, these counselors can use their digital wallet to spend their paycheck anywhere Visa is accepted. At the end of the summer, Visa Direct facilitates transferring the remaining balance directly to their home bank account via the 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 organisations such as fraternities with international chapters, registered nonprofits with operations in Canada, or any organisation with international travel or initiatives.
Officials from Crowded said their 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. They want to make it as accessible as possible for nonprofits to accomplish their good work, regardless of whether its international or not.
Also commenting on this partnership, representatives from Visa said they're happy to be partnering with Crowded to enable seamless international transactions for nonprofit organisations. This collaboration reflects Visa's commitment to simplifying the transfer of funds globally. With Visa Direct, they're enabling nonprofits to efficiently manage cross-border operations. This is a step towards a more connected and inclusive digital economy.
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