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About the Project

Inspiration Behind CashLine

CashLine was born from a harsh reality: for many migrant workers living in the UAE, sending money home is essential for food, housing, tuition, medical expenses, and family wellbeing. The inspiration behind CashLine came from a problem which is very simple and yet important. The majority of migrant workers in the UAE frequently use exchange houses’ services, but there might be some confusion regarding whether they get the optimal deal.

It became clear that most people pay attention only to the exchange rate offered by the provider. However, it cannot be said to present the full picture, as aspects such as transfer fees, processing times, payout methods, etc., can have an effect on the overall picture. This is how we decided to come up with a solution for this problem, to develop a remittance intelligence platform, called CashLine.

How We Built CashLine

CashLine is implemented using the JavaScript programming language and technologies, including React on the frontend side and Node.js/Express backend side. The platform consists of a structured provider data layer, which includes such information as exchange rates, transfer fees, processing times, payout methods, and provider availability. After that, the ranking engine compares the available providers and shows the best ones.

AI Forecasting Mechanism

To improve the intelligence of the platform, we have incorporated an AI forecasting mechanism based on Long-Short-Term-Memory models. They analyse the historical dynamics of the rates of AED and forecast potential future moves. Therefore, rather than just telling the users where to transfer money right now, CashLine assists in determining whether it would be beneficial to wait a bit to possibly gain from the movements of the rates.

AI-Enabled Remittance Advisor

There is also an AI-enabled remittance advisor on CashLine. As the users of the platform may not have financial expertise, we designed CashLine to not require the user to interpret charts and calculations to understand their options and what they should do next. The user can simply ask the AI any relevant question like which provider is better, whether it is better to wait, how much they can save, and what transfer fees imply.

Privacy-First Design

The user's privacy was one of the major priorities of the design. The chatbot is session-based, which means that all the conversations are not stored anywhere. All calculations made within the conversation are also temporary. They are not stored anywhere and are cleared as soon as the conversation is over.

While the present prototype makes use of simulated exchange rates and demonstration provider integration, the entire application has been designed keeping practical implementation in mind.

Future Implementation

Future iterations will make it possible for CashLine to work with licensed exchange houses, live market data providers, secure payment systems, and processes. Our ultimate aim would be to evolve from a stage of comparison and recommendation to a stage of a remittance ecosystem where the users will be able to compare, get notifications and eventually make payments through licensed partners.

Challenges Faced

One of the major issues that we came across during the development process was the integration of multiple components within a single system. Provider comparison, exchange rate forecast, chatbot assistant, privacy and all future security needs had to be taken into account in CashLine. We needed to ensure the utility of the platform without making it difficult to use.

What We Learned

Through this project, we have realised that remittance choice goes beyond exchange rates. It involves timing, costs, trust, convenience, and user security. Furthermore, we realised that AI technology in financial systems has to be applied responsibly. The tool should assist users by providing relevant data without undermining their freedom to make choices.

Project Goal and Impact

The goal of CashLine is to assist migrant workers and expatriates to retain more of their earnings. By enabling users to assess various providers, timing of transfers and make financial decisions, CashLine contributes to UN’s SDG 8 - Decent Work and Economic Growth.