The Interledger Foundation has broken ground on a host of new projects in countries such as Pakistan, Uganda and Jamaica as it works towards its goal of creating an open, interoperable payment network.
The Interledger Foundation is building and advocating for a network where transactions are not limited to a particular bank, mobile money provider or location, bringing digital financial services to the 1.4 billion people currently excluded from traditional banking systems.
It aims to do this through the Interledger Protocol (ILP), co-created by early bitcoin contributor Stefan Thomas. The organisation works with partners to integrate its ILP into existing and emerging financial and payments infrastructures.
The foundation's latest projects include working with private fintech companies to streamline remittances for a major bank in Pakistan, powering microloans for community-based financial institutions in Uganda, and enabling international payments for online marketplaces in Jamaica.
In addition, the foundation is putting funding behind another five research projects designed to explore and ultimately define methods that will boost economic engagement and sustainable growth, both in established and emerging communities.
Meanwhile, it has increased investments in existing projects, such as with the People’s Clearinghouse to create a remittance pathway between the US and 140 community banks in rural Mexico, and Wallet Guru to develop a pay-as-you-go utility payment solution.
Chris Lawrence, chief programme officer, Interledger Foundation, says: “Each organisation and individual we work with plays an integral role in progressing open payments so that technical and societal roadblocks do not limit financial growth on a local and global scale. With each new project, we further push what’s possible beyond the financial systems we know today.”