The innovation behind SA’s Solidarity Fund

South Africa's Solidarity Fund, established to support the country's coronavirus response, has seen an impressive rise in commitments, raising around 2.7 billion rand. The innovative technology infrastructure behind the fund allows for donations to be made over installments, providing individuals and companies with greater flexibility in contributing to the fight against the pandemic. To gain further insight into the technology driving the Solidarity Fund, CNBC Africa spoke with Derek Cikes, Co-Founder & Commercial Officer at Payflex. Payflex, a fintech company operating in the online space for over two years, quickly partnered with the Solidarity Fund in April of this year, offering their platform to facilitate 'donate now, pay later' transactions. This unique feature enables individuals to make donations and then spread the payments over six weeks in four installments, making it easier for those who may not have the full donation amount upfront to contribute to the cause. The platform's ability to increase the average donation received by the Solidarity Fund showcases a new and effective way for individuals to support critical initiatives during these challenging times. While the focus is currently on supporting the Solidarity Fund, the technology and infrastructure developed by Payflex hold potential for broader applications. While the primary use of the platform is currently facilitating online purchases and providing interest-free payment plans to consumers, the success of its implementation in the Solidarity Fund could lead to its adoption in other donation platforms as well. The secure nature of the Payflex platform is crucial, especially amidst reports of attempted cyber breaches into the Solidarity Fund. Derek Cikes emphasized the importance of following stringent security protocols, ensuring that all sensitive information on the platform is safeguarded. By adhering to the latest security updates and maintaining PCI compliance, Payflex upholds the necessary measures to keep transaction data secure and anonymized, making it challenging for cybercriminals to breach the system. Additionally, the platform's vigilant monitoring of transactions on a daily basis helps detect any irregularities and prevent unauthorized access effectively. In light of the current financial challenges faced by many companies, Payflex's system also offers flexibility for individuals who may experience financial distress and are unable to fulfill their donation commitments within the specified installment period. Should an individual be unable to make a scheduled payment, the system allows for a rollover to the next payment period without incurring any additional fees or charges. Individuals can also directly contact Payflex to discuss alternative payment arrangements, showcasing the platform's commitment to providing a seamless and adaptable donation experience. The technology and flexibility offered by Payflex not only support the Solidarity Fund's fundraising efforts but also set a new standard for donation platforms, highlighting the importance of innovation and adaptability in navigating unprecedented challenges.