Inspiration

There are thousands of small forwarders that can not send airfreight because airlines need a payment guarantee in order to accept their bookings. The existing solutions (CASS and Bank Guarantee) are too complex, costly and inefficient for small forwarders that have only a few shipments per month with different airlines. Inspiration for our CargoWallet is a combination of Wechat payment, Paypal checkout, Apple Pay or Alipay Wallets but improved and tailored for B2B and airfreight.

What it does

CargoWallet is a guarantee and payment solution for airlines and small forwarders to simplify booking process and maximize business opportunities. It will be available via APIs to airline booking portals and booking platform such as Cargo.one, CargoAI etc...

Here are the key points CargoWallet offers :

1. Forwarder creates his CargoWallet :

  • Account is instantly created for this forwarder in accredited digital Partner Bank (Fintech)
  • Forwarder can deposit money in this new bank account
  • Forwarder can choose from list of airlines that the account can pay
  • Account can be multicurrency so very limited currency conversion
  • Forwarder can withdraw available money if he wants

2. CargoWallet interact with the Partner Bank via APIs:

  • Read amount on forwarder Bank account and calculate available funds for every new booking
  • Hold/Block necessary funds to cover existing bookings in forwarder Bank account
  • Instruct monthly transfers on behalf of the forwarder from the Bank account, only to the approved list of airlines accounts

=> Funds are secured in the accredited Bank and CargoWallet doesn’t keep or have access to the funds. => CargoWallet can only transfer the funds directly from the Bank to the pre-approved Airlines, not to anyone else.

3. For the Airline :

  • Our process guarantee that the forwarder has always enough money to make payment for each shipment and the airline can therefore accept his bookings
  • Receive automatic payments and financial report every month

Business Model is similar to any modern payment solutions and will be complemented with credit services. CargoWallet will be cheaper, faster and more efficient to use than any existing solution in place in the airfreight industry.

How we built it

We decided to built this with the latest technologies :

  • We fully embrace the serverless paradigm to help us develop faster and scale better
  • AWS PaaS (Platform as a Service) allow us to focus on the business features
  • Angular10 provide a fast and features full frontend environment
  • Go is a fast running typed language for the backend which integrate perfectly with AWS Lambda

Challenge 3: PayCargo Challenge

We "designed a payment focused solution that use available APIs of our choice or simulate some of the processes" We had understood the rules that only available or public APIs could be used to have the same level playfield for all members of the hackathon. In this case, we also simulated the APIs with the Fintech partner for account creation, funds balance etc..

Accomplishments that we are proud of

As much as the general idea to have a better guarantee/payment solution has been on our roadmap for a while, the CargoWallet has fully been alive, scoped out and developed during this short hackathon. We are very proud to have come up with such an innovative concept and being able to use the latest technologies to do a working prototype that will clearly change the live of a lot of small businesses around the world.

What's next for CargoAI Wallet

Next steps for CargoAI Wallet is to use this prototype and detail workflow to engage with identified partners to deliver the complete solution :

  • We have identified a big Fintech Bank from our network of scaleup Tech companies that has the APIs we need to interface with and can provide all the services we mentioned as well as credit approval to maximize the amount forwarders will be able to book.
  • We need to speak to airlines and booking platform to see if they want to expand their business to non-IATA customers and integrate our APIs on their booking platform
  • We need to engage with IATA to see if we can work together on EPICS APIs to facilitate forwarder registration
  • We will need to take the prototype to the next level and build the robust and fully secured platform using bank industry standards.
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