Ixaris Technologies, founder of the Open Payment Cloud project to drive innovation in B2B payments, today announced that the winner of its OPC Live! Challenge is SoTec for its virtual payments solution that addresses the need for financial transparency in charity, social and community projects.
Charitable organisations spend up to a third of their income on administrative expenses and SoTec’s solution is a first step to ensuring more of their donations are spent directly on the cause they serve instead of the organisation.
“Our solution enables charities and other social enterprises to create multiple payment accounts and virtual cards that can be used to distribute any kind of funding to individuals and communities,” explains Seweryn Bidolach, CEO of SoTec. “In addition, there is a very simple tracking and reporting system that enables monitoring of authorisation and spending.” He continues: “For donors, we give complete transparency and information regarding finance distribution in charitable and community projects.”
On the back of new research from corporate treasurers and CFOs across all industries that shows the depth of demand for new payment solutions to ease the complexity and challenges of managing payments between businesses, the solution is another step towards improving efficiencies and reducing the costs of commercial payments.
Open to developers worldwide, the competition ran between May and June 2017. SoTec was chosen as the winner at a ceremony in London. The winner will receive €20,000 in development support from Ixaris to enable SoTec to take their innovative payment business live within a few weeks from idea to production.
Alex Mifsud, CEO of Ixaris, said, “OPC Live! Challenge was about finding the first cohort of innovative developers to work with us on solving some of the challenges of complexity, compliance and security in B2B payments. Working on our Open Payment Cloud framework, SoTec has come up with a well-designed solution that can contribute to efficiencies and substantial savings for charitable organisations, many of whom are grappling with the complex nature of commercial payments. We’re excited to get to work with the team to refine their solution to help them bring it to market.”