Webstick fintech system

Imagine you are sitting at your favorite café in Tel Aviv. Enjoying your food and drinks, and even complain a bit about the service. Now, guess what happened to your plates when you are finished? Better yet, who are the ones washing them after you are done?

You guessed it, it’s probably a foreign worker. And yes, he is most likely working for his family abroad.
But how is he transferring the money over to them? And why does it cost him so much?

According to the Ministry of Immigration and Population’s report for 2018, there are about 100,000 foreign workers in Israel. Many of them are being paid above the minimum wage, and receive their salary in cash, which they need to transfer to their families overseas.

Transferring money using an Israeli bank or other available systems entails high commissions that can affect dramatically the final sum the family will eventually receive. Do they have an effective option?

‘AirMoney’ took the challenge of money transferring directly to the foreign account, while eliminating the dependency of 3^rd party high commission systems.

“They were looking for a technological partner who can execute this project, and can develop an end  to end management and monitoring system for money transferring, and they chose us” says Shai Skandrani, CEO of ‘Webstick’.

“The process took place in 2 stages: the first, was getting the approvals from banks in the destination countries as well as approvals from the Israeli banks. It was a complicated challenge especially because of the bureaucracy it entailed, and the financial approvals we had to get from the state, and there were moments when we thought the system will not go live after all. It was actually ready and done on our servers for full 8 months and was waiting to be approved.

The second stage was the development process which includes deep characterization and knowing the product to its finest details, up to delivering a unique system that fits the client’s needs completely. In fact, this is the uniqueness of our process, on one hand, we need to be able to plan the process according to our standards, and on the other, we need to take into consideration the client’s needs. In fact, it is a part of our DNA, taking projects knowing that this is a joined journey, and if the product is successful and effective, we earn a long-term client. You know, cemeteries are filled with lots of systems that didn’t fulfill their goal” Skandrani says with a smile.

So what is the money transfer process? The worker goes to an actual ATM station (inside shops) that works with the system and deposits cash money. The station makes sure that the money makes its way to the family abroad and that way the worker’s relative gets the money directly to their bank account or to a chargeable card.

‘AirMoney’ system is active in several stores across Israel and helps lowering the rates of available processes.