Transparent finances for nonprofit organizations like IFAW

Nonprofit organizations have a critical duty to account for and report on where their funds come from and how they are spent. Therefore, IFAW has decided to introduce the TIS platform to ensure such transparency. 

As a long-standing animal welfare and conservation organization which celebrated its 50th anniversary last year, IFAW maintains bank accounts with 18 separate banks that support their activities in over 40 countries. Previously, IFAW had a treasury management system (TMS) in place, yet end-to-end processing for payment transactions and bank statements were missing. As the organization grew, using the combination of TMS and SWIFT to upload and download bank statements and support payment processing became too cumbersome. The recent introduction of a new ERP solution triggered a decision by IFAW to partner with TIS to integrate systems and streamline their entire banking and payment process.

After careful consideration, IFAW chose TIS as the vendor to manage bank communication channels, account statements, payments and internal and external system interfaces. IFAW was impressed by the platform’s advanced functionality and its cost-effectiveness. Equipped with TIS, the nonprofit organization benefits from a cloud-based platform that centralizes the management of bank accounts, statements and global payments. IFAW distributes funds all over the world in order to support its work and deliver programs where needed. Improved transparency around the source and use of funds helps nonprofit organizations like IFAW fulfill their global mission. 

John Kluza, Group Treasurer for IFAW: “TIS provides us with a sophisticated yet easy-to-integrate cloud-based solution that provides end-to-end bank, information and transaction management through a single platform. The embedded business intelligence feature is a powerful reporting tool that supports C-level reporting and makes tasks such as the FBAR (Foreign Bank Account Report) process easier and less resource intensive.” 

“Nonprofit organizations fulfill a vital purpose in our society beyond the pursuit of profit,” explains Jörg Wiemer, CEO and co-founder of TIS. “With the International Fund for Animal Welfare, we convinced one of the world’s leading players in this sector of the advantages of our solution – this is an important addition to our customer base in the US market.”

About International Fund for Animal Welfare:
The International Fund for Animal Welfare (IFAW) is a global non-profit helping animals and people thrive together. We are experts and everyday people, working across seas, oceans, and in more than 40 countries around the world. We rescue, rehabilitate, and release animals, and we restore and protect their natural habitats. The problems we’re up against are urgent and complicated. To solve them, we match fresh thinking with bold action. We partner with local communities, governments, non-governmental organizations, and businesses. Together, we pioneer new and innovative ways to help all species flourish. See how at ifaw.org.