Real-Time Transaction Tracking for ANGOs: A Game Changer for DFAT Compliance

The Australian NGO Accreditation Guidance Manual, issued by the Australian Department of Foreign Affairs and Trade (DFAT), states that ANGOs should evidence the receipt of a payment verifying that funds have been received, including the conversion rate and local or hard currency amount, if applicable[1].  This has always been a pain point for charities as it involved manual confirmation with their partners, requesting a letter of acknowledgement including details of the amount received. A time-consuming process and, on occasions, requiring multiple follow-ups.

StoneX Payments has resolved this challenge with a great new feature called Payment Tracking, leveraging the latest SWIFT GPI technology. Our clients can verify funds have been received without having to contact their partners, evidencing the credit with a tracking number and date/time the funds were credited.

Michael Stachowiak, Head of Business Development at StoneX Payments, said:

“Payment tracking provides an Amazon-like experience, showing you in real time where your funds are, each step of the way, right through to delivery. We are really excited to bring this innovation to the market for ACFID members and ANGOs alike in our brand new StoneX Payments Platform” The guide goes on to say that value-for-money principles should be followed in the procurement of goods and services, which could include foreign currency, a service that StoneX inherently assists ACFID members achieve through its access to preferential rates on hard-to-reach markets, across a broad range of local bank providers.

ACFID members are invited to get in touch directly to learn more about this great innovation available to them, supporting best practice and transparency [2] in the financial management of organisations. This feature is readily available to all existing clients. Contact Michael Stachowiak on [email protected]

ACFID formed a Corporate Partnership with StoneX Global Payments, one of the world’s leading Global Payment Exchange providers, in 2020, after their years of longstanding support and sponsorship of the ACFID National Conference.

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[1] https://acfid.asn.au/wp-content/uploads/2023/10/Revised-ACFID-Code-of-Conduct_October-2023.pdf

[2] Department of Foreign Affairs and Trade, June 2018. Australian NGO Accreditation Manual, p 44 https://www.dfat.gov.au/sites/default/files/accreditation-guidance-manual-final.pdf