Network for Good
Network for Good (NFG) is the largest Donor Advised Fund in the nation and distributes millions of donations to hundreds of thousands of charities each year. They partner with organizations like Facebook, Google and Charity Navigator, to offer fast and easy ways to give to your favorite charities.
The Problem
Paper checks are still the main way to disperse donations to nonprofits
Check writing, as a means for funds disbursement, is a manual and unreliable process. Mailing addresses can change, checks get stolen, lost in the mail, and forgotten in drawers. 12% of the checks NFG would send to charities each month were going stale. As a donor advised fund & nonprofit, NFG has an obligation to make sure that money gets to the nonprofits.
The Project
Build a custom EFT portal to distribute funds directly into the bank accounts of nonprofits
We partnered with NFG to build a direct deposit application using Electronic Funds Transfer (EFT). Nonprofits can now apply to receive donations from NFG via direct deposit into the nonprofit’s bank account. Through this process, NFG ensures compliance through verification of the applicant, nonprofit, and bank account. Once the applicant is authenticated, they can begin receiving donations directly into their bank account.
Impact
To date we've approved 14,000 nonprofit applications for EFT through this system and process 50+ applications per day.