CashFlow

Problem Statement
Cashflow features!
Inspiration
Challenges
Solution:
Problems while transferring money
About Us
What is the need for transfering money?

Inspiration

As international students, we often have to navigate around a lot of roadblocks when it comes to receiving money from back home for our tuition. Cross-border payments are gaining momentum with so many emerging markets. In 2021, the top five recipient countries for remittance inflows in current USD were India (89 billion), Mexico (54 billion), China (53 billion), the Philippines (37 billion), and Egypt (32 billion). The United States was the largest source country for remittances in 2020, followed by the United Arab Emirates, Saudi Arabia, and Switzerland.

However, Cross-border payments face 5 main challenges: cost, security, time, liquidity & transparency.

Cost: Cross-border payments are typically costly due to costs involved such as currency exchange costs, intermediary charges, and regulatory costs. -Time: most international payments take anything between 2-5 days. -Security: The rate of fraud in cross-border payments is comparatively higher than in domestic payments because it's much more difficult to track once it crosses the border.
Standardization: Different countries tend to follow a different set of rules & formats which make cross-border payments even more difficult & complicated at times.
Liquidity: Most cross-border payments work on the pre-funding of accounts to settle payments; hence it becomes important to ensure adequate liquidity in correspondent bank accounts to meet payment obligations within cut-off deadlines.

What it does

Cashflow is a solution to all of the problems above. It provides a secure method to transfer money overseas. It uses the checkbook.io API to verify users' bank information, and check for liquidity, and with features such as KYC, it ensures security in enabling instant payments. Further, it uses another API to convert the currencies using accurate, non-inflated rates.

Sending money:
Our system requests a few pieces of information from you, which pertain to the recipient. After having added your bank details to your profile, you will be able to send money through the platform.
The recipient will receive an email message, through which they can deposit into their account in multiple ways.

Requesting money: By requesting money from a sender, an invoice is generated to them. They can choose to send money back through multiple methods, which include credit and debit card payments.

How we built it

We built it using HTML, CSS, and JavaScript. We also used the Checkbook.io API and exchange rate API.

Challenges we ran into

Neither of us is familiar with backend technologies or react. Mihir has never worked with JS before and I haven't worked on many web dev projects in the last 2 years, so we had to engage in a lot of learning and refreshing of knowledge as we built the project which took a lot of time.

Accomplishments that we're proud of

We learned a lot and built the whole web app as we were continuously learning. Mihir learned JavaScript from scratch and coded in it for the whole project all under 36 hours.