What day-to-day payment transparency – or lack of it – means
“NGOs are probably the best example of organizations that need to send large sums to countries, which may be considered difficult to reach. Having dealt with many NGOs over the years, their most common complaint is that payments get stuck,” explains Sarah.
Their questions are legitimate: When will the payment arrive? How many intermediary banks are involved, and which ones? What are the associated fees? Is the payment traveling via the smartest route? They don’t know and no-one can tell them.
As Sarah Louise points out, NGOs need to pay salaries and support activities on the ground in-country. The time to deliver financial aid directly affects peoples’ lives. Yet sometimes it takes a week to deliver a payment, while at others it may take up to three months and this really impacts them.
“The ability to handle complex, individual payments with full transparency is where a fintech like Inpay makes a difference. We have the knowledge and expertise around particular payment corridors and what’s needed to deliver a successful payment,” thinks Sarah.
We know what documentation is required, the questions likely to be asked, and the quickest way to route payments to pre-empt problems, she says. It’s a different approach and skillset to a bank, who wouldn’t necessarily support and guide customers to that extent.