8common Limited (ASX: 8CO) has signed its inaugural CardHero contract with Life Without Barriers, a large not-for-profit organisation supporting 23,000 people living across 400 communities across Australia.
The CardHero platform combines EML Payments (ASX:EML) issued pre-paid Mastercards with 8common’s Expense8 spend reconciliation solution. CardHero leverages the Expense8 platform which serves over 150 government entities, large corporates including Woolworths, Amcor and others.
The $1.6 million, three-year contract incorporates an implementation fee of $150,000 and approximately $500,000 per annum in transaction fees.
Life Without Barriers plan to utilise CardHero to disburse funds and manage expenses from this contract to roll out 3,500 cards across 380 disability care homes across Australia.
Life Without Barriers provides a range of services under the National Disability Insurance Scheme (NDIS) in every Australian state and territory. The NDIS gives people choice and control over their supports. It’s designed to help people with daily living tasks, achieve their goals and build connection to their community. In 2019, Life Without Barriers supported 6,098 people with disability out of whom 4,043 people are participants of the NDIS.
CardHero+ will enable a streamlined funds disbursement platform and expense management system for Life Without Barriers. This platform will provide a seamless funds and expense management process for the end user, reducing administrative time spent on validating and reconciling expenses and streamlining the distribution of funds.
8common CEO, Andrew Bond, said that in addition to Life Without Barriers, a broader opportunity exists to provide the CardHero product to other not-for-profits NDIS service providers, resulting in a significantly large, wider market opportunity for the CardHero offering.
The scale and sophistication of disbursement programmes amongst not-for-profits, charities and grant programs has driven the requirement for more advanced solutions like CardHero+,” Mr Bond said.
“The integrated funds disbursement and expense reconciliation capabilities are well supported by our experience and position as a preferred supplier to government and large corporates. We are well placed to deliver the CardHero+ platform and capture this growth opportunity.”