Charitable Impact implements Smonik’s for Automated Data Extraction

By Edlyn Cardoza

Smonik Systems, a data management and reconciliation software and services provider, announced that Charitable Impact recently implemented Smonik’s automated data extraction process. This implementation will help them quickly and easily extract data from bank and broker statements.

Charitable Impact is Canada’s donor-advised fund for everyone, where it’s easy to manage all your charitable giving from one place. The implementation of Smonik will help Charitable Impact reduce manual data efforts so they can focus on assisting donors in supporting their favorite charities.

So far, more than $875 million has been donated by people using Charitable Impact’s platform, and they’ve helped over 140,000 people across Canada give to 10,000 different charities. Donors who use Charitable Impact get a free online Impact Account, which is like a bank account for charitable giving. With an Impact Account, donors can set aside charitable dollars to give away to any registered charity, give with friends, and access support from a team of philanthropic experts. Charitable Impact also helps people donate and invest assets, such as publicly traded securities.

“We’ve been so impressed with Smonik. By taking away the administrative burden of manually extracting data for donor statements, we have more time to focus on what we do best: supporting people in creating the change they want to see in the world.”

Before implementing Smonik’s data extraction software, Charitable Impact manually extracted data from bank and brokerage monthly statements. Smonik’s software now helps them automate the extraction of client data from the statements and create customized output files to integrate the extracted data with Charitable Impact’s internal systems. Smonik’s automated tools increase efficiency and data accuracy for Charitable Impact, resulting in measurable cost savings and a reduction in time-intensive manual processes.

“Smonik is thrilled to work with an innovative organization like Charitable Impact. They’ve created a new way for people to make a difference — one that flips the script and puts donors in the driver’s seat of their charitable giving. Like many others, they faced cumbersome and costly data collection and extraction challenges that detracted from their core purpose: helping people engage with charity. Smonik’s software was created in much the same way — we saw a void in the ability of institutional investors to process unstructured data, and we created an innovative, automated data management solution to meet their most complex needs. We’re proud to now include Charitable Impact in our growing client roster,” said Sethu Bijumalla, CEO at Smonik Systems.