Software for Timebanks

In this blog, we describe the main features of our Cyclos solution for managing Timebanks. More than just a product description, it will give you powerful insights on how to design and mold a Timebank for your community. 

Timebanks

A Timebank is a community-based collaborative network where individuals exchange services and skills using time as the currency, rather than money. Members earn "time credits" for providing a service to someone else in the network, and they can spend those credits to receive services from others.

Timebanks are, compared to other community currencies, very unique. Time is universal and easy to understand across different cultures and countries. Time is one of the very few complementary currencies that is inflation-proof, and therefore a fair investment.

Timebanks have also so many specific applications with extraordinary social and monetary value for communities:

• Social services and care can be organized with a Timebank. 
• Knowledge can be shared and education can be delivered with a Timebank.
• Scholarships can be recompensated and managed with a Timebank.
• Volunteering can be fairly rewarded with a Timebank.
• Income transfers can be efficiently delivered with a Timebank.
• Local unemployment can be transformed in valuable services with a Timebank.

Our easy-to-use Timebank apps help to engage or connect people and streamline the exchange of skills and services in the community in a secured and scalable framework, with minimum set-up and operational costs.

User management

First start with defining the purpose of the Timebank in alignment with the community´s needs. Discuss who can participate and benefit individuals, families, businesses, or organizations, and under which conditions.

What kind of information are you going to collect from all the participants and why? We handle and store this data securely, and treat it according to privacy policies.

Define how interested people should onboard: self-registration in the app or by the administration? And what will be the initial member status on registration: active or pending approval by the community administrator?

Make the onboarding as smooth and simple as possible. Our platform will send notifications to the applicant about his status and what will be the next action. You can also send a customized welcome package by e-mail upon approval.

Finally, if needed, participants can add multiple users to their account, with similar or different permissions (operators). This is useful for families, organizations, or local businesses.    

Time management

Time is indeed universal, but it can measured in different ways, Define the unit of measurement of time that will be used: 1 hour, 1 quarter, or 1 minute.  What is the format of your time unit: integer or decimal values?

All participants have a digital account (or wallet) in time. To facilitate the exchange of services, members can receive a starting balance from the community: a welcome transfer, an (interest-free) time loan, or a just negative limit. Eventually, you can also give each member a positive limit and avoid accumulation of time.

Participants can now transfer time to other members with the mobile app or web application. For some communities, it might be useful to allow members to also send a request for a transfer in time (invoice or reminder).  

Marketplace management

We offer multiple features to promote and facilitate the exchange of services within the Timebank. Some communities also exchange products, with prices expressed in time. You can choose your mix of strategies and adjust as you go!

Members can search for other members within the mobile app or web application or use geolocation. They can manage contacts, communicate, and message with each other.

Ads are probably the most popular tool to share relevant information about the services provided (or products) available in the community. Ads can be published by a member, with or without approval by the group. Other members can ask questions on the ad or send a private message.

Larger communities can also use our tools to publish requests for or interests in certain services or goods. Other members can respond or indicate potential providers.

Another useful tool assists members in posting their talents and skills. The whole community can then search the database and identify members with the required specifications for a job or task.

The community and its members can also organize and publish events or meetings (like trade fairs, trainings, and others). Events are visible in the community calendar and members can register online.

Finally, the marketplace has a very configurable set of notifications to inform members of new offers, requests, or events. This helps members to stay engaged and connected! 

Community Management

While members have access to the necessary tools to engage and participate within their community, it is important to have a management team of leaders and collaborators. Different permissions can be given to different administrator roles.

Group administrators are responsible for the management of members. They can activate, disable, and purge members. They can intervene in the marketplace, manage positive and negative member balances, or charge membership fees in Time or cash.

There is also a community account in Time where memberships in Time are registered. The community can use the balance to pay for expenses, reward volunteers, or organize events in Time units.

Our data analytics console provides the community administration with a live transaction wall, powerful statistics and analytics, and actionable insights in one place.

Our solutions have a built-in help desk and messaging tools for users to contact the administration, which can also post documents or share content with members (email, SMS, push notifications). 

Connecting timebanks

There are also many opportunities to share knowledge, resources, and software solutions between different Timebanks. Timebanks can engage with each other within a larger geographical area, like a city, a region, a country, or even globally.

Connecting Timebanks in one software platform has a lot of benefits, reduces costs for the communities, and creates opportunities for funding and project management. 

Our dynamic, secure, and white-label software solution and app, assist you to set up, and manage one or multiple Timebanks. Since Time is universal, our platform can interconnect Timebanks and Time transferred between members of different Timebanks. 

Remember

Start small with basic features, collect feedback, and adjust before scaling.

Clearly explain the rules, value, and benefits of the currency.

Build trust and practice in the community, administration, and digital tools!

Our Timbank software solution is validated by the Ibero-american Association of Timebanks (ASIBDT).

If you are interested in  implementing the Cyclos software and mobile app for Timebanks you can contact monei LAB at info@monei.dev or ASIBDT at info@asibdt.org.