Volt's Open Banking solution will allow Sporting Chance Prize Draw to collect donations from contributors through real-time account-to-account transfers, accelerating the payment process for participants throughout the UK.
Simplifying the donation procedure was critical to Sports Chance Prize Draw's objective of doubling its effect by 2023. Volt's real-time, account-to-account payments gateway meets that critical demand, minimising friction and increasing conversion.
Donations are accepted online with a minimum of GBP 10, and every pound received is donated to one of the 30 organisations. The winners will be picked immediately after the Prize Draw concludes on the 31st of March, and winners will be contacted by email.
There is an enormous opportunity for a revolution in the payments sector and for organisations of all sizes, including non-profits, to securely accept real-time payments through a single streamlined experience. Volt will offer the payment solution to allow donors and participants to contribute, but it will also cover any payment transaction expenses not paid by the donors.
Volt is building the world's real-time payment infrastructure. Its network of networks connects the globe's account-to-account payment systems, allowing companies all over the world to accept account-based payments from clients in real-time.Volt has had a productive year thus far. It closed three collaborations only in February 2023, the first with Xolvis. The company's goal is to digitise the whole aftersales business of garages in the automobile, cycling, and aviation sectors, and it now wants to enable its users to provide a safe shopping experience to their clients.
MiFinity later announced the debut of the MiFinity Quick Bank Transfer product, an Open Banking solution powered by Volt. After this launch, MiFinity clients will be able to load funds into their personal e-wallet in real time, straight from their bank account via an account-to-account service.
Lastly, Tazapay collaborated with Volt, a payment gateway, to expand its payment options to include Open Banking. Tazapay's clients will be able to expand and increase their cross-border sales as a result of the agreement, notably APAC and MENA merchants looking to expand and increase sales in the UK and Europe.
Even for nonprofits, traditional card-based donation options entail card processing costs. And charities may have to wait a bit for the funds to arrive in their accounts. Then there are contribution platforms that charge a service fee or refuse to pay out unless the charity has attained its financing goal in full.
Previously, internet giving platforms accepted card payments, which take time to reach organisations and incur costs (usually paid by the charity, if not via additional contributions from donors). Instead, Wonderful uses the power of A2A payments to send 100% of the gift to the charity directly and promptly, with no levies or fees.
Furthermore, because not all payment companies manage donations, organisations may need to develop a complicated network of partnerships to facilitate donations.Card processing fees may be avoided by introducing Open Banking and account-to-account payments, allowing the non-profit to continue its expansion unabated.
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