Ali is an Iranian immigrant in Canada. He has a decent job and he financially supports his family in Iran. He sends $2000 each month to his sister in Iran.
Maryam lives in Tehran, Iran. Her daughter is a student at a college in Canada. She sends her $1500 each month to partially support her.
Students at the University of Toronto have made Ali and Maryam's lives easier by developing a multiplatform (mobile, web) application to provide them with easy-to-use financial services.
Instead of going to foreign exchange centers, having to bargain about the exchange rate and waiting for some days to get the money, the application matches Ali and Maryam for a direct transaction. Ali sends $1500 via Interac e-transfer to Maryam's daughter's bank account.
Maryam sends Ali's family in Iran the equivalent amount of $1500 in Iranian Rials based on the accurate and up-to-date exchange rate provided by the application. She uses the Iranian internal money transferring system for this purpose.
Everyone is happy with the useful features of this application: - No Transaction Fees - Transparent to the governments - No third-parties involved - Fast - Trustworthy and fair