B-READY unites parametric forecasting with community inputs to provide humanitarian assistance to individuals, communities, and businesses before a disaster strikes. Visa and Oxfam America intend to scale B-READY to create a mobile-based payment solution infrastructure to digitize humanitarian payments to help families, individuals, and small businesses protect themselves and their assets before a disaster. Combining data-driven insights from Visa with Oxfam\u2019s record of disaster relief and predictive modeling can help provide advance warning of major disasters to trigger fast and secure pre-disaster payments to families, individuals, and small businesses in affected communities.<\/p>\n
From 1970 to 2019, 50% of all disasters and 74% of all reported economic loss globally resulted from weather, climate, and water hazards1<\/sup>. Without action, it is estimated that the impacts of climate change will push an additional 100.7 million people into poverty by 2030 globally compared to 20202<\/sup>. By integrating Visa Direct, which provides a single point of access to billions of endpoints helping to transform global money movement, and Visa Government Prepaid, B-READY will be able to help build resiliency and decrease the impact of emergencies on people, homes, businesses, livelihoods, and governments.<\/p>\n \u201cAt Oxfam, we know that climate change, poverty, and inequality are linked,\u201d said Abby Maxman, President and CEO of Oxfam America. \u201cDisasters disproportionately impact the most marginalized people, worsening inequality and heightening the need to provide financial assistance to those who need it the most. We look forward to scaling B-READY with Visa to improve disaster preparedness and recovery for at-risk communities worldwide.\u201d<\/p>\n \u201cWe are thrilled to join forces with Oxfam once again to extend anticipatory relief efforts that increase resiliency and financial inclusion for individuals and businesses,\u201d said Rajiv Garodia, SVP and global head of Visa Government Solutions at Visa. \u201cVisa is poised to facilitate real-time, streamlined, and efficient money movement for pre-disaster payments, bringing tangible benefits to people and businesses. Our vision includes enabling financial inclusion, and this collaboration marks a significant stride towards empowering underbanked communities.\u201d<\/p>\n Anticipatory action and digital cash transfers are a significant part of the future of humanitarian finance, however, the lack of early warning systems linked to digital cash transfers limits the advance of anticipatory action. Reducing vulnerability to disasters requires innovation, and the collaboration aims to integrate three innovations for global impact:<\/p>\n Oxfam America and Visa have a track record of collaborating to innovate in humanitarian response and digital financial inclusion. They worked together to efficiently, safely, and transparently disburse funds to disaster affected populations, starting with Visa\u2019s support to digitize humanitarian payments during Oxfam’s response to super typhoon Haiyan in the Philippines in 2013, improving disaster preparedness and recovery of at-risk communities by addressing multiple barriers to financial inclusion. B-READY was founded in the Philippines in 2019, providing cash grants to families and individuals three days after the landfall of Typhoon Ursula. It has since expanded to reach North Darfur, Sudan, and Indonesia. To learn more about B-READY, please visit: https:\/\/b-ready.org\/<\/a>.<\/p>\n About Visa Inc.<\/b><\/p>\n Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.<\/p>\n About Oxfam America<\/b><\/p>\n Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal. Join us at oxfamamerica.org.<\/p>\n 1<\/sup> World Meteorological Organization (2021). WMO Atlas of Mortality and Economic Losses from Weather, Climate and Water Extremes (1970\u20132019)<\/a>. View source version on businesswire.com: https:\/\/www.businesswire.com\/news\/home\/20231204088757\/en\/<\/a><\/p>\n\n
\n2<\/sup> United Nations Office for Disaster Risk Reduction (2022). Global Assessment Report on Disaster Risk Reduction 2022: Our World at Risk: Transforming Governance for a Resilient Future<\/a>. Geneva.<\/p>\n<\/p>\n
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