Wonderful uses Open Banking technology to transfer funds directly from donors' to charities' accounts. Open Banking is a UK government-backed initiative that makes it easier for people to securely make payments and share their financial data, only with their consent.
Open Banking payments make a direct account-to-account bank transfer, authorised by the donor via their existing Online Banking service or Mobile Banking app.
The technical bits
The initiation of each payment is handled by our third-party provider, Citizen Holdings (UK) Ltd, which is FCA regulated. This secure payment process utilises one of a number of industry-recognised payment schemes, depending on the Donor's country:
All payments in the UK are sent via Faster Payments Services (FPS).
These schemes securely facilitate the transfer of funds from the donor's bank account to the charity's bank account. You can find out more about Open Banking payments in general here.