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Last updated October 2020

Making financial relief programmes more efficient and effective - Pin4

New ACO corporate member Pin4 discusses the benefits of delivering prompt cash support to beneficiaries.

In the current environment, there are a host of reasons why people may suffer financial distress such as unemployment, reduced working hours/income, increased bills, physical or mental health issues involving an individual or family member and many more. Regardless of the cause of the financial distress, prompt financial assistance can make a huge positive impact by helping the individual to address their immediate needs, whether the need is to purchase groceries for a family, pay a utility bill, make a home repair, purchase healthcare supplies or travel to a healthcare provider.

Organisations seeking to provide financial relief to individuals have choices regarding how to provide this relief.  Multiple studies have shown the benefits of providing financial relief to individuals in the form of cash (see https://www.givedirectly.org/research-on-cash-transfers/).  These benefits include (a) putting the relief recipient in control and allowing them to allocate the funds to their most pressing needs, (b) cash being universally accepted with no stigma, (c) cash being simple to understand and use and (d) avoiding any surprise fees or costs to the recipient.

Traditionally, providing financial relief in the form of cash could present challenges associated with the need to acquire, store, manage and distribute the cash efficiently.  These challenges are compounded in a situation like the current pandemic where travel and face-to-face interactions are constrained.  

Fortunately, these challenges can be addressed by using a digital cash distribution model in which the organisation providing the financial relief does not need to physical acquire, store or distribute the cash.  This offers the relief organisation an efficient and effective way to promptly deliver cash to the relief recipients while providing the recipients with all of the benefits of receiving their relief in the form of cash.

For example, Pin4 Cash offers relief organisations a digital solution to instantly deliver financial relief to individuals in need across the United Kingdom in the form of cash.  The relief organisation submits the desired relief payments to Pin4 via either a simple API integration or Pin4’s web-based portal.  Then Pin4 immediately delivers a text message to the relief recipient’s mobile phone with: a) the amount of the payment being sent and a four-digit order identifier and b) a link to an ATM locator map showing the nearest participating ATMs.  The recipient can then easily and conveniently collect their cash at any of the over 15,000 participating ATMs across the U.K. located conveniently in shops, supermarkets (Co-op, Aldi and Waitrose), Petrol Stations (BP and Shell) found via the Pin4 ATM Locator.

It is important to note that the relief recipient does not need to have any bank or other financial account or any kind of credit, debit or prepaid card to collect their funds from the ATM.  All the recipient needs is to type the information received in the text messages along with a separate four-digit pin provided by the relief organization to collect the funds.  By avoiding depositing the funds into the recipients’ bank accounts, a recipient will receive the full amount of the funds even if their bank account is overdrawn.  Also, the recipient pays no fees or surcharges at the ATM to collect their funds – thus receiving the full amount of the designated relief payment.

The Pin4 Cash solution is currently being used by a variety of charities, local authorities and other organizations to provide financial relief to individuals in need in the U.K.

“Pin4 Cash is the perfect solution. When a member needs their money and doesn’t have a bank account or a prepaid card , we can send them cash quickly and easily” – Angela Fishwick, CEO, Unify Credit Union.

Pin4 provides instant access-to-cash, delivered securely, received immediately and collected conveniently.

To arrange an online demonstration please call Pin4 on 0207 117 0707 or contact us through www.pin4.com