Reduce reliance on cheques, charities told

IT | Vibeka Mair | 1 Jun 2009

More charities should adopt e-banking and become less reliant on cheques to mitigate risk, according to Peter Mitchell, chief executive of CAF Bank.

Mitchell, speaking on e-banking at the CFDG IT Risk & Rewards conference, revealed that roughly two-thirds of money leaving CAF Bank’s charity accounts did so via cheque, even though the vast majority of money coming into charity accounts was through electronic transmission.

He added that the greatest benefit for charities was the control e-banking gave them over their cashflow: “The aspect of internet banking most frequently put to us is the ability to view balances on screen,” he said. “To charities large or small, knowing whether a grant has come through or whether a cheque has been paid out to a supplier is, or I suggest should be, a vital part of the everyday management of cash flow.”

CAF intends to launch its first debit card in the final quarter of this year.

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Directory: Charities Aid Foundation | Charity Finance Directors' Group (CFDG)
Who's Who: Vibeka Mair

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