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QCheque: Secure, Faster, Efficient and Effective Payment Eco System

QCheque is tokenizing a payment system for Financial Institutions to reduce fraud and increase revenue/fee income

Photo of Shoaib Shafquat
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1) QCheque is tokenizing & reinventing check payment system for Financial Institutions to reduce check fraud and increase revenue/fee income with new product. Unlike the traditional paper check showing account number, QCheque masks the account number with an encrypted QR code.

2) Grand Rapid "could" be the first city in nation where FORD cars can pull into a gas station and drive will never have to take his/her violet out to determine the payment. Car and gas station are "smart" enough to figure that through AI & Payments eco system

3)  Grand Rapid "could" be the first city in nation where a person pulls into a bank/credit union and tell is notified that Mr. Smith just pulled into parking lot.

Describe who will use your solution (1,000 characters)

Describe your solution's stage of development

  • Prototype - you have built a prototype and tested it with potential users
  • Pilot - you have implemented your solution in a real-world scenario

Tell us about your team or organization (500 characters)

1) Shoaib Shafquat- President - Founder 2) Mustafa Savliwala- CFO & CoFounder 3) Karen Cain- Managing Director - Operations 4) Al Pacha- CTO 5) Thomas Coke- Chief Strategy Officer

Size of your team or organization

  • 2-10

Funding Request

  • $100,000

Describe how you would pilot your idea (1000 characters)

Awareness & Interest: Over 1,000 individuals in the market (banking / payments / FinTech) space are aware of QCheque Strategic Tactics and Channels: Each founding team member has been given their own list of contact information of those individuals entities Audience / Actors / Market Segmentation: Banks and credit unions are target customers. However, we it will be QCheque team member’s responsibility to identify and connect with the right Decision-Making Person (DMP) and influencer at the financial institution. Here are some possible departments and job titles. Depending on the organizational size and culture there could be many different layers and individuals involved in the decision making process.

Describe how you would measure the success of your pilot (1000 characters)

1. We’ll be using HubSpot to track leads, document comments and customer feedback. 2. Free implementations will be more than three and less than 10. However, your incentive will stay the same for first three sign up for each team member. 3. Specific implementation costs be for the basic pilot service yes, but any premium services such as custom check printing or ATM software. May have to enhance our check list document. 4. Making the initial contact and setting up the demo will be up-to the sales contact. But when it comes to the actual demo we’ll have everyone in the team as ‘optional’. Mustafa and I’ll try our best to attend every demo. Perhaps Tom & Al can jump in as needed. All hand on the deck now!

Attachments (1)

QChequeIntro.mp4

One Minute introduction to QCheque

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Photo of Shoaib Shafquat
Team

Hi Idrees,
Thank you for facilitating the challenge!
Let's use gas station use case. A "smart car" provides Geo location of the car, smart gas station syncs with car upon close-proximity. Both "devices" do some sort of technology hand shake by recognizing each other with encrypted authentication. Car and gas station owner still authorize, approve/deny the transaction. Everything happens in real-time. Utilization of AI and real time payments along with many other technologies. Unlike the credit card transaction that can cost huge processing fees for the merchants (gas stations, drive through services). Real-time payment is a NEW payment system

Bank / Credit union should be alerted upon any a car arriving in their parking lot by reading the license plate. Just like the tool companies take picture of every car going through their tools. If they go to drive through the Teller should be prepared in advance and customer information being available to them immediately without entering customer account numbers.
If a customer walks in from the main entrance, we’ll use the face recognition and alert the teller who’s in the branch.
Both use case will provide efficiency for the banks/credit unions. Alert them in advance of “bad characters” entering their facility. Reduction in fraud.
Since you were only interested in these two “ideas” I try to elaborate on them. Perhaps we can talk over the phone better. If you like to give me a call 586.292.7453

FYI – First idea I presented the actual QCheque. It’s already in the process of pilot testing with two small financial institutions here in southeast Michigan.

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