The Bill & Melinda Gates Foundation has released a new open-source software for creating payment platforms that will help unbanked people around the world access digital financial services. The software is designed to provide a reference model for payment interoperability between banks and other providers across a country’s economy.
It is available now, free-of-cost, for software developers to adapt and banks, financial service providers and companies to implement. Information on the code can be found at mojaloop.io.
According to the Deputy Director, Financial Services for the Poor, at the Gates Foundation, Kosta Peric:
- The new software, called Mojaloop, establishes a blue print for connecting today’s financial services sector, and can be used as a solution to barriers that banks and providers seeking interoperability have traditionally faced.
- Delivering financial services to the poor is prohibitively challenging for many businesses because they struggle to invest adequately in complex technology while maintaining a commitment to low-cost, inclusive services. This has led to a prevalence of consumer payment options that are out of reach for many people in developing economies, or which limit customers’ ability to transact across products, banks and borders.
- These and similar challenges have dissuaded many companies from expanding into developing markets altogether.
- With Mojaloop, the Gates Foundation technology partners have finally achieved a solution that can apply to any service, and banks and the payments industry are invited to explore and test this tool.
- Just as the internet revolutionized digital communication, open-source solutions like Mojaloop can spark innovation and democratize access to digital payments, empowering billions of new customers and driving massive economic growth in developing markets.
- The aim is to offer payments platforms for the next generation of financial innovators and Mojaloop provides some tantalizing new options for doing that in a way that integrates with the economy.
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