The Charity Technology Trust (CTT) and payment service provider FTT Global have launched an international money transfers service for UK charities.
CTT is an impartial, non-profit-making organisation that provides the charitable sector with IT and support services, including hardware, software and support for e-mail marketing and online payments systems.
The partnership between CTT and FTT will allow charities to maximise the funds they raise by avoiding the high fees and administration costs associated with processing international donations through bank accounts.
The partners' new tt-forex service will allow charities to send and receive overseas payments and donations powered by FTT Global’s FCA-regulated services.
FTT Global was already working with a number of international charities and sought out CTT to help broaden its reach within the sector and help it develop its service offering to those that need it.
By booking a payment online with tt-forex, charities receive a guaranteed exchange rate before they commit, ensuring they know what they are spending in advance - this isn't always the case with bank transactions.
CTT’s service also ensures transparency by enabling charities to access transaction details online at any time, helping them to stay informed and in control.
Noel Goddard, managing director of FTT Global, said: “CTT is a trusted name within the charity sector and its CTPayment service already has an outstanding reputation. Together we can extend that service and help more charities by providing a safe and secure way to ensure that funds and donations reach those in need and are not consumed by bank charges.”
Goddard said one charity that sends over £1 million abroad every year was already saving £32,000 in fees and charges by going through FTT and not a bank.
Richard Craig, CTT’s chief executive, said, “So many charities work internationally and have been paying far too much to do so - tt-forex fills a hole in the market to help them with overseas payments by offering an easy to use, secure platform for international transactions.”