ST. PETERSBURG, Fla., May 23, 2023—SKUx, an innovative payments technology and consumer engagement platform, today announced it has partnered with Payments as a Lifeline (PaaLPay.org) to enable, streamline, and transform the disbursement of disaster and humanitarian aid funds using the multi-patented SKUx digital payments platform. The new SKUx Crisis Disbursement solution can instantly distribute, track, and report on relief payments on a mass scale, ensuring that payments reach and are redeemed by the right person at the right time, for the right purpose, without the high levels of friction, inefficiency, delays, fraud, and abuse that plague many relief efforts.
PaaL is a 501c3 non-profit coalition of leading financial services companies focused on the disaster and humanitarian aid communities, who have come together to address the complexity, inefficiency, and lack of transparency in disaster/aid funds movement. Its mission includes embracing new digital approaches to accelerate time to relief, and ensure funds are delivered to Survivors fast, safe, and with dignity. PaaL’s Accountable Giving options deliver new and unique data – automatic accounting of all funds spent to enable faster accounting, audit, and to show Funders (donors or government) that the “money matched the mission”.
SKUx was invited to join PaaL, which includes an Advisory Council of non-profit powerhouses like the UPS Foundation, and Good360, which last year distributed more than $4 billion in donated goods from corporate donors to non-profits.
“Disaster and humanitarian relief funds usually take far too long to reach people in need, resulting in unnecessary suffering and aggravation,” said Bobby Tinsley, co-founder, and president of SKUx. “At the same time, the process of disbursement is fraught with costly inefficiencies and fraud, diverting critical funds from their intended purpose. SKUx is pleased to work with PaaL to address these challenges and offer a new digital payment solution that can distribute funds instantly to the right recipients, while dramatically reducing fraud, abuse, and inefficiency.”
Fraud and abuse are major issues in many relief programs. For example, it is estimated that over $100B in government Covid relief funds were obtained illegally by fraudsters.
“We’re excited to welcome SKUx as a partner in our effort to transform the way emergency and humanitarian funds are distributed for greater good,” said Kirsten Trusko, co-founder of PaaL. “The processes to get funds directly into the hands of people in disaster or for chronic aid has barely advanced since hurricane Katrina. We believe digital payment platforms like the SKUx Crisis Disbursement solution will be key to helping corporate foundations, NGOs, insurers, and government agencies deliver funds to those in need fast, securely, with dignity – and benefit from Accountable Giving.”
ST. PETERSBURG, Fla., May 23, 2023—SKUx, an innovative payments technology and consumer engagement platform, today announced it has partnered with Payments as a Lifeline (PaaLPay.org) to enable, streamline, and transform the disbursement of disaster and humanitarian aid funds using the multi-patented SKUx digital payments platform. The new SKUx Crisis Disbursement solution can instantly distribute, track, and report on relief payments on a mass scale, ensuring that payments reach and are redeemed by the right person at the right time, for the right purpose, without the high levels of friction, inefficiency, delays, fraud, and abuse that plague many relief efforts.
PaaL is a 501c3 non-profit coalition of leading financial services companies focused on the disaster and humanitarian aid communities, who have come together to address the complexity, inefficiency, and lack of transparency in disaster/aid funds movement. Its mission includes embracing new digital approaches to accelerate time to relief, and ensure funds are delivered to Survivors fast, safe, and with dignity. PaaL’s Accountable Giving options deliver new and unique data – automatic accounting of all funds spent to enable faster accounting, audit, and to show Funders (donors or government) that the “money matched the mission”.
SKUx was invited to join PaaL, which includes an Advisory Council of non-profit powerhouses like the UPS Foundation, and Good360, which last year distributed more than $4 billion in donated goods from corporate donors to non-profits.
“Disaster and humanitarian relief funds usually take far too long to reach people in need, resulting in unnecessary suffering and aggravation,” said Bobby Tinsley, co-founder, and president of SKUx. “At the same time, the process of disbursement is fraught with costly inefficiencies and fraud, diverting critical funds from their intended purpose. SKUx is pleased to work with PaaL to address these challenges and offer a new digital payment solution that can distribute funds instantly to the right recipients, while dramatically reducing fraud, abuse, and inefficiency.”
Fraud and abuse are major issues in many relief programs. For example, it is estimated that over $100B in government Covid relief funds were obtained illegally by fraudsters.
“We’re excited to welcome SKUx as a partner in our effort to transform the way emergency and humanitarian funds are distributed for greater good,” said Kirsten Trusko, co-founder of PaaL. “The processes to get funds directly into the hands of people in disaster or for chronic aid has barely advanced since hurricane Katrina. We believe digital payment platforms like the SKUx Crisis Disbursement solution will be key to helping corporate foundations, NGOs, insurers, and government agencies deliver funds to those in need fast, securely, with dignity – and benefit from Accountable Giving.”
SKUx Crisis Disbursement
SKUx Crisis Disbursement addresses the need to rapidly distribute humanitarian and crisis funds at even the most massive scale, delivering the right payment to the right person with one-to-one precision – right to their phone. Once the Funder conveys the email addresses or mobile phone numbers of impacted people, payments can be distributed instantly. Recipients are presented with a branded landing page to start the redemption process. The identity of each user is verified by device to ensure redemption is securely reaching the intended person. Recipients access a virtual payment card with instructions on how to use it, including the option to save the card to their mobile wallet.
The virtual credit or debit card can be used to make needed purchases in-store or online. These digital disbursements are serialized, trackable and can be redeemed only once. Issuing organizations have unparalleled visibility into redemptions and costs.
SKUx Crisis Disbursement
SKUx Crisis Disbursement addresses the need to rapidly distribute humanitarian and crisis funds at even the most massive scale, delivering the right payment to the right person with one-to-one precision – right to their phone. Once the Funder conveys the email addresses or mobile phone numbers of impacted people, payments can be distributed instantly. Recipients are presented with a branded landing page to start the redemption process. The identity of each user is verified by device to ensure redemption is securely reaching the intended person. Recipients access a virtual payment card with instructions on how to use it, including the option to save the card to their mobile wallet.
The virtual credit or debit card can be used to make needed purchases in-store or online. These digital disbursements are serialized, trackable and can be redeemed only once. Issuing organizations have unparalleled visibility into redemptions and costs.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about anticipated business and financial outcomes, including any projections of the Company, projected revenue or expense synergies, business and market conditions, outlook, the Company’s sales pipeline and anticipated profitability and growth, the outcome of our comprehensive assessment referred to in this release, as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. These statements may be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “will,” “should,” “could,” “would,” “project,” “continue,” “likely,” and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These statements relate to future events and our future results and involve a number of risks and uncertainties. Forward-looking statements are based on management’s beliefs as well as assumptions made by, and information currently available to, management.
Actual results, performance or achievement could differ materially from those contained in these forward-looking statements. Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.