Applicant name: CashQ
Applicant type: Private Company
Headquarter City: Miami
Headquarter Country: United States
Innovation Name: CashQ API is a global push payments platform for banks and neobanks.
Innovation Type: Service
Category: Innovation Remittance Solution
Status of Innovation: Pilot
Innovation Active Since: 05/01/2020
Demonstrate what technology your product has that is different from the market: CashQ API addresses a critical technological gap in cross-border payments. As traditional banks still rely on outdated systems causing high costs and slow transactions, and neobanks sometimes lack cross-border payment options altogether, the market has been left underserved. Our solution, CashQ API, is a breakthrough platform enabling instant, seamless, and secure global transactions using just card or phone numbers. This innovation disrupts the status quo, offers unrivaled speed and convenience, and fosters financial inclusivity, addressing a $0.5 trillion opportunity in the US market.
Explain the functionality. CashQ is a transformative innovation in the remittance sector, making international payments in real-time a reality.
Imagine a borderless Zelle, a system where money can be sent directly from your bank account to an international recipient’s account or card, using just a phone number, and executed instantly. With CashQ, the process of international money transfer is simplified. You no longer need to fill out extensive forms for international wires or resort to third-party applications.
We are constructing an expansive network of financial institutions worldwide. Our network includes both domestic and international institutions, traditional banks, challenger banks, national bank systems like PIX and UPI, card systems like Visa and UnionPay, as well as e-wallets and mobile money providers.
CashQ offers an API service that can be effortlessly integrated into any application that supports APIs, along with white-label UI options. By bridging the technological divide in the banking sector, CashQ is set to redefine the experience of cross-border payments, offering a solution that is fast, secure, and customer-centric.
Explain who followed your example and deployed the same technology and timeframes. As of now, CashQ API’s unique blend of real-time, cost-effective, and convenient cross-border transactions, accessible through just a phone number or card number, is pioneering in the market. While there are some companies in the financial technology space offering components of our services, none of them provide the same comprehensive, customer-focused package we do. This makes our technology not only novel but also without direct parallel in the current market. As the digital payments landscape continues to evolve, we anticipate seeing more initiatives inspired by our model. However, as innovators, we continue to lead the way and work tirelessly to maintain our competitive edge.
Do you know if this innovation is specific to only one market and which one? No, the innovation is not limited to one market. CashQ API is a global solution designed to enhance the efficiency of cross-border transactions for banks and neobanks across the world. It addresses universal challenges associated with cross-border payments, such as speed, cost, and convenience. Therefore, it has applications in any market where institutions are looking to improve their cross-border payment offerings.
Currently, we are focusing our efforts on the largest remittance outflow market, the United States, because of its size and the significant market opportunity. However, the technology is flexible and scalable, allowing for its adoption and deployment in different markets globally. We envision our product catalyzing the evolution of cross-border payments worldwide.
Innovation Description. We partner with trusted banThe CashQ API is a global push payments platform specifically designed for banks and neobanks in the USA, the world’s largest remittance outflow market. Our platform provides a much-needed solution for the lack of efficient cross-border payment options in current banking applications, even in major banks and neobanks. We enable instant, seamless, and secure funds transfer to any account worldwide using just card or phone numbers, democratizing access to digital financial services.
What was the inspiration for this innovation? Our founders were inspired years ago by the transformative potential of mobile money services like Airtel, MTN, and M-Pesa across the vast African continent. The vision was to create a universally accessible and beneficial financial system. Observing the success of Zelle technology in the U.S., we were motivated to develop a similar concept on a global scale. Our ambition led to the creation of CashQ API – a borderless Zelle – facilitating secure, efficient, and cost-effective cross-border transactions, thereby promoting greater financial inclusion worldwide.
Who can benefit from your innovation most? Primarily, our innovation benefits banks, neobanks, and their customers by offering an efficient, cost-effective solution for global fund transfers. Mainly, customers from immigrant families or those working in gig economies will find our platform an affordable and convenient solution for cross-border transactions. By reducing discrimination in digital financial services, CashQ empowers individuals, irrespective of their experience or education level, to participate in global finance. Furthermore, our commitment to lowering the cost of cross-border transactions aligns with the United Nations’Sustainable Development Goals, benefiting society at large.
What are you most proud of about your innovation? We’re immensely proud of our innovation’s alignment with the United Nations’ Sustainable Development Goals and its broader social impact. CashQ API not only contributes to alleviating poverty(Goal 1), promoting decent work and economic growth (Goal 8), and fostering resilient infrastructure(Goal 9) but also plays a crucial role in reducing inequalities (Goal 10). By democratizing access to financial services, our platform reduces discrimination in digital financial services, making cross-border transactions accessible to all, regardless of experience or education level. It’s rewarding to see our technology driving positive societal changes on a global scale.
Why do you think you should win this category? We believe CashQ API should win this category because it truly embodies the essence of innovation in the remittance solutions space. As a pioneering technology that fills a substantial gap in the market, it’s not just a new product but a fresh perspective on how cross-border transactions can and should be handled.
This ‘borderless Zelle’ we’ve developed enables real-time payments between financial institutions worldwide, including traditional and challenger banks, card systems, and e-wallet and mobile money providers. It’s a technology yet to be fully explored in the market, putting us at the forefront of this evolution.
Moreover, CashQ API isn’t just about technological advancement but also societal advancement. By making cross-border payments more accessible and affordable, we’re pushing for financial inclusion, aligning with the United Nations’ Sustainable Development Goals.
In essence, we’re not just introducing new technology; we’re striving to reshape the global financial ecosystem. And for these reasons, we believe we should win in this category.
Full Name: Alexander Voronovich
Full Name: Arina Anapolskaya