Ren Debuts Rapid Disbursement Engine, Expanding Philanthropic Services to Meet Rapid DAF Growth
Giving Tuesday, held each year on the Tuesday after Thanksgiving, is a global movement that reimagines a world built upon shared humanity and radical generosity. In the spirit of paving the way for donor generosity, Ren announced the launch of its digital payment engine, part of its award-winning modern giving platform.
Ren is the trusted technology and services partner in facilitating philanthropic giving for top financial institutions and thousands of nonprofit organizations. Relied upon by many of the country's top financial brands as well as wealth managers, charitable organizations, and individuals, Ren's platform serves as a comprehensive solution for charitable gift services — this includes the logistics of arranging giving transactions. Ren's new Rapid Disbursement Engine supports organizations so they're able to expand their philanthropic programs. This helps them make the giving and receiving of donations more secure, quick and convenient for all parties.
According to Bank of America's recent study of philanthropy, 85% of affluent families gave to charity in 2022, and many are looking to donor-advised fund (DAF) accounts to help them do this. In 2021, account numbers rose by 28% to almost 1.3 million, making these giving vehicles one of the most powerful influences in philanthropy. To compound that influence, DAF donors are making unprecedented grants to charities at levels that have increased by more than 28% year-over-year to $45.74 billion in 2021. This growth in DAFs poses a challenge and an opportunity for organizations to manage the notable increase in associated transactions. With Ren's digital payment engine, financial firms and charities can position themselves for long-term success, scaling and growing their DAF programs and optimizing grant-making to charities.
By removing previous inefficiencies and hurdles Ren's RDE enables donors to make greater impact by promptly delivering funds to charitable organizations when and where they are needed most. It addresses the demands of today's digitally minded users by facilitating secure access to valuable information through a scalable solution that includes flexible payment options and additional layers of charity engagement.
"With a focus on efficiency, speed and security, the debut of our Rapid Disbursement Engine streamlines the process to disburse charitable grants that's normally complex and laborious," said Joe Fisher, CEO at Ren. "Scalability and cost-effective processes are at the heart of any charity or financial institution's philanthropic arm."
"Our Rapid Disbursement Engine also serves to expand the philanthropic ecosystem, opening quick and easy giving options to hundreds of thousands of additional nonprofits," said Mona Hall, VP of Marketing at Ren. "In the first eleven months of 2023 — and with numbers increasing month over month — Ren's Rapid Disbursement Engine has helped make more than 100,000 grants, providing upwards of $500 million to nonprofits. Today, our charity network serves more than 140,000 nonprofits. Our company is pleased to make the giving and receiving of these donations faster, more secure, and even more convenient — further increasing the impact of giving."
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of NonProfit PRO.
