Applicant Type: Private Company
Headquarter City: Cocoa Beach, FL
Headquarter Country: United States
Innovation Name: CashQ
Innovation Type: Product
Category: Digital Innovation
Status of Innovation: Pilot
Innovation Active Since: 01/01/2022
Innovation Description: CashQ’s embedded cross-border payment platform is ushering in a new generation of cross-border infrastructure (xBaaS). Through CashQ’s platform, cross-border payments can instantly be delivered to anyone, anywhere, using only phone numbers or card credentials – a borderless version of Zelle.
We are solving the problem of inefficiency in the $156T cross-border payment market, replacing legacy International Wire technology.
Our API unlocks innovative financial capabilities for banks and neobanks. It offers instant cross-border money transfer superpowers and connectivity with mobile money providers, banks, e-wallets, and other financial services.
Since launching, we have built a licensed Money Transmitter with payout coverage in over 120 countries while integrating into financial institutions, neobanks, card networks such as Visa, UnionPay, mobile money providers, and electronic wallets. We are backed by ODX(Ondeck), FintechSandBox, and Fintech X accelerators, and we are members of FintechMassHub.
Innovation Inspiration: During work in Africa a decade ago, we worked closely with mobile money providers and were impressed by how cutting-edge payment technologies (instant digital payments) can quickly achieve mass adoption. We also saw this in the US, where instant payments with phone numbers/email addresses in the Zelle network become standard for domestic p2p transfers. And this is why we’ve decided to launch CashQ’s platform, which can be connected to any bank or neobank – making instant cross-border payments possible with a new level of simplicity.
Who can benefit from your innovation most? For many years, less educated immigrants faced discrimination in digital financial services. Cross-border payments international wires were too complicated and expensive for small transactions.
Our technology reduces discrimination in digital financial services, making cross-border transactions accessible to all, regardless of experience or education level.
Now, users can send money directly from their home bank or credit union’s mobile app to anyone in any country using only the recipient’s phone number. Instantly. Today, sending money to friends and family overseas is easier than ever.
What are you most proud of about your innovation? We are most proud of the impact our innovation will have. First and foremost, our digital technology will tangibly reduce discrimination in financial services by unlocking cross-border payments for underserved consumers.
From a business perspective, our platform will bring international transactions back to banks, neobanks, and credit unions. This will ultimately bolster these organizations’ bottom lines by moving their customers’ business away from third-party platforms.
We are excited to be creating a boarder-less version of Zelle!
Why do you think you should win this category? We have devised a cutting-edge technical solution to make these transfers happen significantly more inexpensively and quickly than traditional methods.
CashQ offers traditional banks, neobanks, and credit unions the unparalleled opportunity to remove major friction in their customers’ lives. Our service will keep customers more deeply engaged in their home bank’s digital ecosystem, instead of leaving to leverage third-party systems.
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