Red Cross in Denmark selects Inpay to reduce remittance costs
By Gloria Methri
The Red Cross in Denmark has entered a new partnership with FinTech company Inpay, which offers solutions for international money transfers. The agreement means that the Red Cross saves several million Danish kroner annually, which can be used directly for humanitarian work.
Inpay’s solution is based on a tech-enabled network of global financial institutions, making it safer, faster, and more cost-effective to send money internationally.
Transferring money abroad can often be slow, unreliable, and associated with high fees. This is also a challenge for the Red Cross, as it can take a long time and be expensive to get funds to people in need of humanitarian aid in countries in Africa, Asia, or other places.
The collaboration with Inpay has provided solutions to these challenges. The Red Cross can now transfer funds directly to partners in Myanmar via Inpay much faster and less costly than before. The savings free up more funds for emergency aid, benefiting those in need.
Initially, the solution includes Myanmar, Bangladesh, and Ethiopia, with the goal of expanding the new payment solution to other countries where the Red Cross is active and traditional bank transfers struggle to reach.
Louise Isafold, CFO of the Red Cross said, “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 for 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.”
Inpay is an authorised payment service provider in the EU and is regulated by the Danish Financial Supervisory Authority.
“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,” said Thomas Jul, CEO of Inpay. “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,” said
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