What are the Open Banking Charity use cases?
"Open Banking might even provide the ability for the third sector to solve its biggest issues: transparency and efficiency. The new standard can provide the ability to review charitable income and spending and give much better control and monitoring for charity trustees and supporters. Innovation in fund and bank account management can prove vital for philanthropic organisations to help optimise their spending and attract even more supporters by being transparent and more efficient in their work."<br/><br/>
As with any new frontier, Open Banking offers truly amazing opportunities for work optimisation and changing the world for the better. This, multiplied with the positive force of the charity sector, can be an opportunity to show how innovation can move a whole sector forward. Naturally, technical and commercial challenges lie ahead, but I believe initiatives that make our world more open and inclusive should be celebrated and utilised for good to the fullest."<br/><br/>
In addition to the AISP use case above, another obvious benefit for Open Banking is the ability to remove punitive card-fees and replace them with free open banking transactions. A number of PISPs will provide nominal pricing that can save considerable amounts of money on card fees, a good example being the recent discussion about the amount of card fees that Just Giving has to pay for card fees..."
Sourcing: Iskren Kulev - Founder and CEO of 'KindLink'