The company uses digital ID and blockchain technology to deliver international aid and disbursements
Financial services company AID:Tech announced yesterday that it will be using the payment rails of stablecoin issuer Circle to provide fraud-resistant disaster relief delivery in USDC.
AID:Tech aims to reduce inequality and increase opportunity by bringing accountability and transparency to the distribution of federal relief. They became the first company to use blockchain technology to deliver international aid in 2015.
Those in need can easily access and receive data and payments directly with AID:Tech’s technology and the company has worked with development banks, governmental bodies and charities such as St. Vincent de Paul Disaster Services and Women’s World Banking.
CEO of St. Vincent de Paul Disaster Services, Elizabeth Disco-Shearer, said, “We first ran a hugely successful pilot with AID:Tech in Florida in 2018, and it opened up our eyes to the power of blockchain and how it can help us provide more disaster services faster. We're grateful to work with AID:Tech and witness how new financial solutions can make a difference.”
Users of AID:Tech’s digital ID and blockchain technology can onboard beneficiaries, with options for document submission, self-verification and individual case management. Disbursements can then be made instantly through cash, payment cards, vouchers or directly to digital wallets. Organisations can even collect data on their beneficiaries’ spending habits.
Co-founder and CEO of AID:Tech, Joseph Thompson, said of the new collaboration, “AID:Tech's work with Circle accelerates our ability to deliver seamless, transparent payments transactions between humanitarian organizations, merchants and people requiring fast access to funds. In the wake of disaster, money matters and timing is everything. This collaboration gives AID:Tech an opportunity to make a meaningful impact when people need it most.”
The speed, convenience and global nature of digital assets make them an ideal solution to many real-world problems and leveraging USDC will help AID:Tech streamline charitable programmes, government disbursements and aid delivery to victims of natural disasters.
Circle Co-founder and CEO, Jeremy Allaire, commented, “Collaborating with AID:Tech to power the delivery of relief payouts via USDC to people impacted by natural disasters and helping connect underserved individuals to financial means is extraordinarily rewarding. It's the application of the mission we set out to accomplish when we started our journey with Circle.”