Cross-border payments fintech Inpay has announced a partnership with the Red Cross in Denmark to enable emergency funding across more countries.
The agreement will save the Red Cross millions in Danish kroner that are spent in money transfer fees and other cross-border transaction costs, freeing up funds for other charitable initiatives.
As traditional bank transferring processes can often be slow, high risk, and costly, the Red Cross believes that working with a global network like Inpay will make it more efficient to provide funding for humanitarian aid in countries in Asia and Africa, where it previously was a struggle to reach.
Louise Isafold, CFO of the Red Cross, stated on the partnership: “The Red Cross works in countries where regular bank transfers are not always possible. This means that it can be both expensive and challenging to get funds to some of our programs. We are pleased that with Inpay, we have found a partner that can complement our regular banking collaboration and ensure reliable, fast and low-cost transfers in local currency to places like Myanmar, Bangladesh, and Ethiopia. We look forward to expanding the partnership to include even more countries where regular bank transfers do not reach.”
The Danish fintech will allow the Red Cross to make payments directly and in the same currency as the country receiving the funding to avoid high currency exchange rates.
The partnership is currently prioritising sending funds to Myanmar, Bangladesh, and Ethiopia and aims to expand the solution to more countries.
Inpay CEO Thomas Jul commented: “We are pleased that Inpay’s technology solutions can help the Red Cross get, often lifesaving, aid to those in greatest need – quickly, safely and with significantly lower costs than before. We want to expand this type of collaboration to more organisations facing similar challenges and contribute to helping more people in distress. It’s our way of making a small difference for the many."