We are pleased to announce that Streeva has been successful with an application for £460,000, co-funded by the UK’s innovation agency, Innovate UK. The money will be used for a collaborative project with Creditcall and the University of Surrey to help enhance the Swiftaid product!
Swiftaid is a service that enables automatic Gift Aid on card donations and tax refunds for Higher Rate Taxpayers. Over the past decade, there has been a shift towards card payments over cash, which has had detrimental effects on the amount of money charities have been able to collect with donation buckets. The industry is responding by adopting contactless terminals but currently, there is no seamless way of attaching Gift Aid to these donations. Approximately £575 million in Gift Aid is missed each year and the smaller the donation, the less likely Gift Aid will be attached. Swiftaid is here to fix this!
Streeva is working hard with banks and charities to ensure Swiftaid is available across the UK as soon as possible. Through one simple sign up process, donors will be able to donate to charity using their bank card that automatically attaches Gift Aid. The technology also ensures that the donor’s personal information (email, name etc) is kept anonymous to the charity unless stated otherwise. What’s more, Swiftaid will back claim Gift Aid for up to 4 years on behalf of donors whilst reducing the risk and cost of compliance with HMRC through the use of Blockchain technology.
It is our mission with Swiftaid to make giving more through Gift Aid an effortless experience, increasing the amount of money charities receive without costing donors more.
But we can’t do this alone! As part of the grant, Streeva will be working with Creditcall and the University of Surrey. Creditcall will help onboard charities and the University of Surrey, through the Surrey Centre for Cyber Security (SCCS) and the Centre for the Digital Economy (CoDE) will support Streeva with Blockchain formal analysis and deployment.