Bill & Melinda Gates Foundation Releases Open-Source Software to Support Efforts that Expand Access to Financial Services in Developing Countries
The Bill & Melinda Gates Foundation today 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.
Current data from the World Bank shows that nearly two billion people in developing economies lack bank accounts and miss out on the benefits and security that basic financial services provide. Digital financial services, such as mobile money on cell phones, have rapidly expanded over the last two decades because they are convenient for users and cost-effective for companies aiming to serve new markets. In Kenya, an estimated 194,000 households have moved out of extreme poverty due in part to their access to M-Pesa, a mobile money platform, and users’ ability to save money more effectively. Digital financial services are now available in nearly 100 countries according to GSMA, an organization representing mobile network operators. However, global expansion of these services—especially to the world’s poor—has been hampered, in large part, by a lack of interoperability between digital financial services and payment platforms.
The new software, called Mojaloop, establishes a blueprint 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.
Mojaloop can be used by financial institutions and commercial providers, to simplify and reduce the cost of developing inclusive payment platforms. It was designed to serve ultimately as a model for national payment switching systems that, for example, enable an individual’s digital wallet to connect with her employer’s bank account and her children’s school account to complete monthly transactions. The code can also be applied to adapt and improve existing services.
“Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool,” said Kosta Peric, Deputy Director, Financial Services for the Poor, at the Gates Foundation. “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.”
Mojaloop (building off the Swahili word “moja,” which means “one”) was created in partnership with fintech developers Ripple, Dwolla, ModusBox, Crosslake Technologies and Software Group, using cutting-edge technology such as the Interledger Protocol, a solution for settling funds among multiple providers across their individual systems. It joins other promising digital financial software, but is the first model that can help extend interoperability from mobile money providers to any bank, merchant or government institution in a customer’s economy in a way that specifically meets the needs of the poor.
“Interoperability is necessary both for financial inclusion and market maturity, but it is a complex thing to achieve,” said Benno Ndulu, Governor of the Bank of Tanzania, the country’s national bank. “We are excited to explore implementation of this because of how it can simplify that capability for businesses and governments, and speed up access to financial services.”
“As we modernize and develop national and cross-border payments infrastructure in Africa, the only way to sustainably reach and serve the world’s unbanked communities is through new technologies,” said Chris Hamilton, CEO of BankservAfrica. “Our aim as an organization is to offer national payments platforms for the next generation of financial innovators and Mojaloop gives us some tantalizing new options for doing that in a way that integrates with the entire national economy.”
Developers can access the new software on GitHub, the world’s leading open-source development platform. It includes four components: an interoperability layer, which connects bank accounts, mobile money wallets, and merchants in an open loop; a directory service layer, which navigates the different methods that providers use to identify accounts on each side of a transaction; a transactions settlement layer, which makes payments instant and irrevocable; and, components which protect against fraud. The software will not be owned or implemented by the Gates Foundation. It will be used in the foundation’s ongoing work to promote the development of pro-poor, digital payment platforms.
Mojaloop was created by the Gates Foundation’s Level One Project, which is aimed at leveling the economic playing field by crowding in expertise and resources to build inclusive payment models to benefit the world’s poor. Alongside Mojaloop’s development, the project also brought together four mobile systems companies—Ericsson, Huawei, Telepin, and Mahindra Comviva—to develop an Open API for mobile money interoperability. These APIs will allow mobile money providers to integrate seamlessly with Mojaloop and products built from it.
“In order to achieve the full potential of mobile money, we must evolve today’s complex and often fragmented digital payments ecosystem,” said Mr. Shi Yaohong, President of Software Product Line at Huawei. “I look forward to exploring opportunities to leverage Mojaloop to help us achieve our goal of bringing digital financial services to all poor and low-income customers.”
About the Bill & Melinda Gates Foundation
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Sue Desmond-Hellmann and Co-chair William H. Gates Sr., under the direction of Bill and Melinda Gates and Warren Buffett.
Bill & Melinda Gates Foundation
Allison Davis, +1-206-709-3400
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Zephyr Endobronchial Valves Improve Breathing, Quality of Life and Activity for Severe Emphysema Patients in US Pivotal Trial22.5.2018 17:19 | Pressemelding
Pulmonx® Corp. today announced positive one-year results from the U.S. LIBERATE pivotal trial of the Zephyr® Endobronchial Valve, a minimally-invasive treatment for severe emphysema, an advanced form of chronic obstructive pulmonary disease (COPD). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522006139/en/ Zephyr Endobronchial Valves (Photo: Business Wire) “The LIBERATE Study definitively proves that Zephyr Valves offer clinically meaningful improvements in three important areas for patients – the ability to breathe better, be more active, and enjoy an improved quality of life,” said the study’s lead investigator, Gerard Criner, MD, FACP, FACCP, Chair and Professor of Thoracic Medicine and Surgery, Lewis Katz School of Medicine at Temple University. He continued, “All primary and secondary endpoints were met, with Zephyr Valve treatment showing significant improvement for patients across multiple measures of breathing a
Seoul Semiconductor Announces the Availability of a Series of AC LED Modules22.5.2018 16:03 | Pressemelding
Seoul Semiconductor, a leading global innovator of LED products and technology, announces a comprehensive series of AC LED modules that use the company’s patented Acrich AC LED technology. The modules are offered in designs from 200 to 10,000 lumens in round, rectangular and linear formats. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522006054/en/ Seoul Semiconductor Announces the Availability of a Series of AC LED Modules (Photo: Business Wire) These AC modules integrate Seoul Semiconductor’s patented Acrich AC driver technology with the company’s advanced LEDs, enabling the design of compact light fixtures with superior lighting performance, making these modules ideal for a wide range of lighting applications. “Lighting designers who are looking to significantly reduce the size, weight, and volume of their luminaire designs can select one of our standard round, rectangular, or linear AC module designs to develop a co
Medicortex Finland Announces Agreement with Pro-Lab22.5.2018 13:58 | Pressemelding
Medicortex Finland Oy announces that it has entered into an agreement with a Canadian company Pro-Lab Diagnostics Inc. Pro-Lab will be responsible for the regulatory process and registration of the ProbTBI™ brain injury detection kit in Canada and UK. Following a brain injury, the diagnostic test will detect in urine and saliva a unique brain injury biomarker which has been discovered and characterized by Medicortex. The agreement gives Pro-Lab exclusive rights for sales in the UK and Canada from which Medicortex will receive royalties. The agreement between the parties is confidential and no other details about the content of the agreement are disclosed. Pro-Lab will be responsible for the clinical validation of the kit prior to the commercial launch in the territories. In addition to the licensing agreement, the parties intend to initiate a development collaboration, the details of which are being discussed currently. “We are very proud that Pro-Lab Diagnostics has chosen to cooperat
ResMed Studies Show Remote Monitoring and Automated Resupply Improve Adherence to PAP Therapy22.5.2018 12:55 | Pressemelding
Remote patient monitoring and resupply programs have been shown to improve patient adherence to positive airway pressure (PAP) therapy, according to two separate studies presented by ResMed (NYSE: RMD, ASX: RMD) this week at the ATS 2018 International Conference. Remote monitoring boosts compliance In the first study, medXcloud, a ResMed-assembled group of healthcare key opinion leaders, examined de-identified data of more than 2.6 million U.S. PAP users from ResMed’s world-leading remote monitoring network, AirView. Using this big data approach, researchers observed excellent adherence among patients initiating PAP therapy: 75 percent achieved the CMS compliance threshold.* This rate compares very favorably with that of non-cloud-connected PAP therapy and other chronic medical therapies – both around 50 percent. Plus, the large sample suggests that the findings are generalizable and likely to reflect real-world clinical care. Resupply program boosts long-term compliance In a separate
FLIR Launches Radar and Thermal Products for Border Patrol and the Dismounted Warfighter22.5.2018 12:00 | Pressemelding
FLIR Systems, Inc. (NASDAQ: FLIR) today announced the availability of three products for use by global militaries and government agencies including border patrol agents. These products include two FLIR Ranger® mid-range panel radars, one with airborne drone and ground target detection, and the Recon® V UltraLite thermal monocular. The products, unveiled at the Special Operations Forces Industry Conference (SOFIC) 2018 in Tampa, Florida, are part of FLIR’s Soldier Solutions family and demonstrate the company’s commitment to deliver the most advanced equipment to armed services personnel. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522005421/en/ FLIR Ranger R8SS-3D drone-detecting radar can detect over 500 threats and their exact locations simultaneously (Photo: Business Wire) The FLIR Ranger R8SS-3D and R8SS radars, part of FLIR Ranger family of radars, offer mid-range detection capability for both fixed-based installat
Phil Brakewell Set to Lead WilsonHCG's Executive Search Efforts Across EMEA; Forbes Ranks WilsonHCG Among Best Executive Recruiting Firms22.5.2018 12:00 | Pressemelding
WilsonHCG, global leader and premium provider of innovative talent solutions, further expands its Executive Search division with the appointment of Director Phil Brakewell. Phil, who brings more than 14 years of talent acquisition leadership experience and most recently served as Head of Executive Search for ResourceBank, will be responsible for leading WilsonHCG’s efforts in the EMEA region. Prior to joining ResourceBank, Phil held consultant and resourcing leadership positions at Hitchenor Wakeford and The Caudwell Group – where he was responsible for developing the business internationally and drove innovative search solutions on behalf of a diverse range of clients. “WilsonHCG’s reputation speaks for itself,” said Phil. “WilsonHCG tailors its key service offerings – including Executive Search – to suit individual client needs, and I am thrilled to be part of such a dedicated, innovative team. The new Director position, covering EMEA, demonstrates our commitment to both Executive Se