New partnership to build transparent donations
Vantage Network to work with Charity Navigator in move toward establishment of more transparency for givers who want to track what their donations are used for.
A donation tracking platform is to collaborate with a charity evaluation platform to form a partnership that they claim will better meet donors’ emergent expectations of transparency when they give.
Contribution tracking platform Vantage Network, which is itself based in the Cayman Islands, will join forces with US-based ‘guide to intelligent giving’ Charity Navigator, which evaluates charity performance in the primary areas of finances and accountability/transparency.
Vantage Network’s donation-processing model tracks transactions using a three-stage, blockchain-based model:
- A giver makes a donation via their credit card to a third-sector organisation using the Vantage Network.
- The donor then receives a tracking ID associated with their donation that they can use to track how the donation is spent by the recipient organisation, similar to how a posted package can be tracked.
- The recipient organisation receives the donation in its Vantage Account and spends the donation via the Vantage Mobile Pay app.
Each purchase that the recipient organisation makes using the donation is tracked on the Vantage Network using the NEM* blockchain-based cryptocurrency. The donor enters their tracking ID on the Vantage Network Portal to see all transactions tied to their donation, and also gets a report of overall campaign fund usage.
“Donors will expect 100% transparent donations in the near future,” said Jeff Hood, Founder and President at Vantage Network. “Increasing the level of visibility and transparency in donations will show the donor where, and to who, they wanted their intended funds to go.”
“Vantage Network is developing innovative technologies to tackle an issue that many donors have in mind when giving: ‘Exactly where is my money truly going?’” said Larry Lieberman, Chief Operating Officer at Charity Navigator, which reckons to have received over 11m visits from donors annually with 750,000 registered users.
“Charity Navigator is pleased to collaborate with Vantage Network to highlight effective organisations doing amazing work for the world in transformative ways.”
* CDN Jargonbust: NEM is a peer-to-peer cryptocurrency and blockchain platform launched in 2015.