Applicant name: CashQ Inc
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: Top Service Provider
Status of Innovation: Pilot
Innovation Active Since: 05/01/2022
Innovation Description: The 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 is your competitive advantage? Our competitive advantage lies in our unique strategy and technological excellence. Unlike others, we focus on partnering with banks and neobanks that have established customer bases, enhancing their offerings with our innovative remittance services. Our platform facilitates real-time payments, reducing operational costs and support needs. Furthermore, we significantly mitigate the risk level in transactions between financial institutions, ensuring safer and more secure transactions. This combination of strategic partnerships, technological innovation, and risk reduction sets us apart.
Why is your solution best in class? CashQ API is the epitome of a best-in-class solution. It’s renowned for its speed, efficiency, and ease of use, enabling instant, direct transactions between a wide array of global financial institutions using just a card number or phone number. Furthermore, it champions financial inclusivity and affordability by lowering transaction costs and making cross-border payments more accessible for all. The versatility of CashQ’s network is also a standout feature, accommodating traditional and neobanks, national banking systems, card systems, e-wallets, and mobile money providers worldwide. This broad coverage ensures a wide market reach and the ability to meet diverse needs. But perhaps what sets CashQ API apart most is its alignment with the United Nations’ Sustainable Development Goals (SDGs), particularly in promoting financial inclusivity and reducing inequality, underlining the company’s commitment to not just business excellence but also societal impact.
Name one advantage of your solution versus competitors. One significant advantage that CashQ API holds over competitors is its ability to facilitate real-time cross-border transactions directly through a bank account using just a phone or card number. This innovation solves a critical gap in the existing banking landscape where major banks and neobanks still struggle with efficient and affordable cross-border payment solutions. While most competitors require detailed information for cross-border transactions, leading to delays and high costs, CashQ API ensures quick, seamless, and cost-effective transactions, significantly enhancing customer convenience and satisfaction. Furthermore, by catering to a broad spectrum of financial institutions worldwide, CashQ API not only improves market reach and inclusivity but also aids in retaining customers within the banking interface, thereby preventing revenue leakage to third-party cross-border payment services.
Explain your market presence globally and in your strongest market. As a global push payments platform, CashQ API has a global presence, serving a wide array of financial institutions, including traditional banks, neobanks, and national bank systems worldwide. Our goal is to connect these institutions into a single network that enables fast, secure, and seamless cross-border transactions.
Our strongest market is currently the United States, where the need for efficient cross-border payment solutions is exceptionally high. With a significant portion of households having access to a banking interface but lacking convenient cross-border payment options, the U.S. market presents a considerable opportunity for our services. Furthermore, our solution aligns well with the ongoing trend of digitalization in the country, further strengthening our position.
However, we’re not stopping there. We aim to expand and strengthen our presence in other regions as well, including emerging markets with high mobile money usage. We’re actively working on integrating more financial institutions into our network, thereby making our solution more accessible and impactful on a global scale.
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
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 deserves to win the “Top Service Provider” category for multiple reasons. First and foremost, our solution effectively addresses a significant gap in the market – the need for efficient, affordable, and accessible cross-border payment solutions. By enabling instant and seamless transactions to any account worldwide using just a phone or card number, we not only improve customer convenience and satisfaction but also enhance the inclusivity of financial services.
Moreover, our solution aligns well with the ongoing trend of digitalization and the growing prominence of mobile money. This positions us perfectly to cater to the evolving needs of the modern banking customer.
Lastly, our impact is not just economic but also social. By making cross-border payments more affordable and accessible, we’re contributing to poverty reduction and economic development, particularly in emerging markets. This alignment with the United Nations’ Sustainable Development Goals is something we take great pride in.
Our combination of technological innovation, market adaptability, and social impact truly sets us apart, making us a worthy contender for this award.
Full Name: Alex Voronovich
Full Name: Arina Anapolskaya