The Red Cross in Denmark, a branch of the world’s largest humanitarian movement with 16 million volunteers spanning 192 countries, has announced a strategic alliance with Inpay, a leading FinTech enterprise based in Denmark and the UK renowned for its efficient and secure international money transfer solutions.
To combat the inherent challenges of sending aid funds to remote areas, the partnership promises to save several million Danish kroner annually for the Red Cross. These savings can then be redirected into humanitarian work, ensuring that more funds are available for those in need.
Operating as part of the global Red Cross humanitarian movement, Denmark’s Red Cross branch boasts an impressive roster of around 40,000 volunteers. Dedicated to delivering aid in crises, the Red Cross provides vital support to regions affected by natural disasters and conflicts.
Hailing from Denmark and the UK, Inpay stands at the forefront of FinTech innovation, delivering fast, safe, and cost-effective cross-border payment solutions. With accolades like being named the sixth fastest-growing FinTech firm in Europe by the Financial Times in 2021, Inpay’s expansive global network has revolutionised how financial institutions, NGOs, and businesses handle international transactions.
The collaboration primarily targets regions where traditional bank transfers falter, such as Myanmar, Bangladesh, and Ethiopia. With Inpay’s state-of-the-art technology and network, the Red Cross can transfer funds faster, more securely, and at lower costs than ever before. The partnership aims to extend this efficient payment solution to other countries where the Red Cross operates.
One of the standout features of Inpay’s system is its wide-reaching network of local banks across the globe, which facilitates rapid money transfers. This significantly trims down costs when compared to conventional international bank fees. Moreover, Inpay’s provision to transact in local currencies helps the Red Cross sidestep hefty currency conversion charges. Regulated by the Danish Financial Supervisory Authority, Inpay holds the status of an authorised payment service provider in the EU.
Red Cross CFO Louise Isafold 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 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.”
Inpay CEO Thomas Jul remarked, “We’re 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.”
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