Digital cross-border payment solutions: boost donor transparency and impact for NGOs
It may come as no surprise that the top two challenges reported by nonprofits in the US are rising operating costs (43%) and limited staff capacity (41%).4 These issues can feel especially challenging for those organizations with missions in overseas regions, even more so when we consider the varying levels of economic infrastructure, disparate and often disconnected banking systems and technologies that must be navigated when funding teams in the field.
How this hits home- In 2022, Americans made nearly $500 billion in philanthropic donations seeing double digit growth in the international affairs sector.2 With these staggering volumes of funds flowing to far-flung international locales, it’s also no surprise that donors are increasingly concerned that their hard-earned donations are actually making the intended impact around the world.
Recently, we sat down with several non-profit executives to learn about the challenges they’ve faced in their organizations and roles, which revealed dramatic stories of staff personnel hand-carrying bundles of cash on their person through multiple airport connections and harrowing overland jeep journeys to ensure they could deliver it to their field contact. There has got to be a safer, more efficient way to do this- the good news is that solution exists.
For those NGOs who’ve stayed current with technical advances in the global financial systems such risks have become unnecessary. With the global digital remittance market sized at $19 billion in 2022, there are over 1 billion people worldwide now sending and receiving international money transfers.
At Brightwell, we’re dedicated to making that process as simple and efficient as possible, investing in our global network to support near-real time payments in 160 currencies across 189 countries. Based on years of experience servicing global workers and integrating with countless remittance partners, Brightwell developed ReadyRemit, making it easier than ever to enable cross-border payments.
According to a recent Forbes3 article, the ability to innovate and modernize is one of the hallmarks of a successful non-profit’s ability to remain relevant. Brightwell welcomes the opportunity to support the missions of charitable organizations with easy to implement payment solutions that accelerate the flow of funds to those in need.
You focus on helping the people that need it most, we’ll make sure the payment arrives.
For more information on how Brightwell serves nonprofit organizations, visit https://www.brightwell.com/ready-remit/business-payments/ngos
1 Biggest challenges for nonprofits in the US in 2022, Statista.
2 National Philanthropic Trust.
3 Nonprofits: How to stay relevant in a competitive marketplace, Forbes, September 5, 2023.
4 Biggest challenges for nonprofits in the US in2022, Statista.
