EZFund

We make transactions simple! Boil down your miscellaneous transactions and throw away account books! From now on, you won't ever need to keep the score again! Easy and fun!

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Inspiration

When I pass by Opiano, a Korean restaurant in Montreal, my roommate would ask me if I could bring him some food. Sometimes when he passes by Tims on the way home, he would get me coffee as well.

My roommate and I always transferred each other the money for the food right away, which made our finances harder in reverse since we had limited numbers of monthly transactions. To solve this, we gathered receipts and calculated the lump sum at the end of the month, and it worked out for a while unless we lost the receipts.

Yet as we split the money with more friends, we needed to make more tedious transactions. What if I owe my roommate 10 bucks, while he owes my girlfriend 10 bucks, and my girlfriend owes me 10 bucks? Why should we make three transactions when we could be making none?

The EZFund

EZFund makes your social finance easier. You can request your friend to pay you, as well as to pay on your friend’s request. While regular instant payment is available, you can create a group to process everyone's balance altogether at the end of every month or any specified frequency.

How we built it

We built the prototype using Figma and the backend concept with Java.

Challenges we ran into

Since we initially tried to minimize the number of total transactions, one of the main challenges was creating such an algorithm. We resolved this by focusing on an individual's balance within the group so that an individual has at most one transaction for the given time frame.

We also were struggling to create a business model. While we did not include it in the presentation, we believe that the credit model can be used in EZFund as well; EZFund may take interests on the delayed payment due to not having enough amount of money available (i.e., loaned from friends).

Accomplishments that we're proud of

We were able to cover the majority of the features we wanted throughout the Figma prototype. We wrote backend codes neatly as well to demonstrate the individual balance calculation algorithm.

What we learned

Prototyping with Figma, Brainstorming a business model

What's next for EZFund

We believe that EZFund can be used beyond groups of co-habitants; it can be used between a busy group of co-workers who may not always remember the owed money, or online group buys where requests act as invoices and the host tracks the flow of money more easily. There are a lot of possibilities! For EZFund to be available to them, however, it would need to be deployed on Android and/or iOS, which should be the very next goal of the product.

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