Business Wire

Bill & Melinda Gates Foundation Releases Open-Source Software to Support Efforts that Expand Access to Financial Services in Developing Countries

Jaa

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.”

For technical documentation and to contribute and use the Mojaloop software, visit github.com/leveloneproject. For more information on the Level One Project, visit leveloneproject.org.

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.

Contact information

Bill & Melinda Gates Foundation
Allison Davis, +1-206-709-3400
media@gatesfoundation.org

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

NTT Communications to Expand Ecosystem for Interconnection of Major Data Centers in Japan17.1.2019 06:04Tiedote

NTT Communications Corporation (NTT Com), the ICT solutions and international communications business within the NTT Group (TOKYO:9432), announced today that it will expand the interconnection of its Nexcenter™ data centers in Tokyo and Osaka, Japan to enable client companies to connect with cloud and content services more flexibly than ever before. On a sequential basis from this month, NTT Com will begin directly connecting its ecosystem with three major internet exchanges (IXs) in Japan to enable clients to access services offered by these IXs and various NTT Com partner companies. Thereafter, NTT Com will continue to expand this ecosystem centered on NTT Com’s Nexcenter™ data centers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190116005908/en/ Expanding Interconnection (Graphic: Business Wire) As a DX Enabler™, NTT Com uses ICT to achieve digital transformation (DX) "Transform and create business" together with clien

Piraeus Bank Presents the Principles for Responsible Banking with the Governor of the Bank of Greece16.1.2019 21:21Tiedote

The Principles for Responsible Banking were presented today for the first time in Greece at an event organized by Piraeus Bank with Mr. Yannis Stournaras, the Governor of the Bank of Greece, as the keynote speaker. The event was organised as part of Piraeus Bank’s commitment to the United Nations Environment Programme Finance Initiative (UNEP FI). Piraeus is the only Greek bank to be a member of the global initiative, which includes twenty-eight banks from around the world, representing over USD 17 trillion in combined assets. Mr. Yannis Stournaras, the Governor of Bank of Greece, highlighted in his speech that the Bank of Greece fully supports the Principles for Responsible Banking and urges all of the banks to endorse the Principles and set ambitious targets. The Bank of Greece was one of the first central banks to become involved with the climate change issue, establishing the Climate Change Impacts Study Committee in 2009 and investing in one of the most significant Sustainable Dev

Arrowgrass Has Agreed to an Extension of Its Irrevocable Undertaking Regarding Its Holdings in Basware Corporation16.1.2019 20:30Tiedote

The investment funds of Arrowgrass Capital Partners LLP (“Arrowgrass”) hold, directly and indirectly, over 24 per cent of all shares and votes in Basware Corporation (“Basware”), a Finnish listed company providing networked source-to-pay solutions and e-invoicing services. Arrowgrass refers to the announcements made by Basware on 16 November 2018, 20 November 2018 and 7 December 2018 with regard to a possible tender offer by Tradeshift Holdings Inc. (“Tradeshift”) for Basware. Arrowgrass announces that it has agreed, under certain conditions, to extend an irrevocable undertaking with Tradeshift to accept a tender offer by Tradeshift for Basware, should Tradeshift publicly announce its tender offer in accordance with applicable laws and regulations no later than 28 February, 2019. Arrowgrass recognizes that Basware has emphasized in its announcements that the launch of the tender offer remains uncertain. About Arrowgrass Arrowgrass Capital Partners LLP is a London headquartered alternat

PCI Security Standards Council Publishes New Software Security Standards16.1.2019 18:25Tiedote

Today, the PCI Security Standards Council (PCI SSC) published new requirements for the secure design and development of modern payment software. The PCI Secure Software Standard and the PCI Secure Lifecycle (Secure SLC) Standard are part of a new PCI Software Security Framework, which includes a validation program for software vendors and their software products and a qualification program for assessors. The programs will be launched later in 2019. “Innovation in payments is moving at an incredible pace. Each advancement provides the industry the opportunity to develop applications more quickly and efficiently than before and to design software for new platforms for payment acceptance,” said PCI SSC Chief Technology Officer Troy Leach. “The new PCI Secure Software Standard and PCI Secure SLC Standard support this evolution in payment software practices by providing a dynamic way for developers to demonstrate their software protects payment data for the next generation of applications.”

Keio Plaza Hotel Hosts “Hina-matsuri (Girls’ Doll Festival)” Event – 6,800 Magnificent Hanging Art Ornaments and Tea Ceremony Culture16.1.2019 17:05Tiedote

Keio Plaza Hotel Tokyo (KPH), one of Japan’s most prestigious international hotels located in Shinjuku, Tokyo, will host an event entitled “Hina-matsuri through Tea Ceremony Culture and Hanging Art” to help guests celebrate Japan’s cultural event known as Girls’ Doll Festival or “Hina-matsuri” from February 1 (Friday) to March 28 (Thursday), 2019 with magnificent hanging art ornaments displayed in our lobby and special menu items served in our restaurants. In addition to the display of some 6,800 magnificent and ornate handmade dolls and other traditional decorations in this coming event, our Hotel will also display various traditional and historical art items used in traditional Japanese tea ceremony, which has long been a part of the cultural upbringing of Japanese women from the Meiji Period (1868 to 1912). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190116005191/en/ About 6,800 hanging decorative art ornaments meticul

Virgin Voyages Calling All RockStars to Sea16.1.2019 17:00Tiedote

Virgin Voyages, the new lifestyle brand set to disrupt the travel industry, today released several designs and images of their RockStar Suites. The new company is throwing out traditional clichés on luxury and formalities, and instead bringing Rebellious Luxe to life at sea with their RockStar Suites designed by Tom Dixon’s Design Research Studio as the pinnacle of that experience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190116005444/en/ Massive Suite Living Room. (Photo: Business Wire) Highlights of the Massive Suite, the top suite aboard the Scarlet Lady, include its very own guitar-clad music room, views of the ocean from every corner of the suite, and a massive terrace complete with its own Peek-a-View outdoor shower, hot tub, hammocks and a runway outdoor dining table, where a staircase will help Sailors make their way on top of the table for dancing. “Virgin has always avoided stuffy formalities and brought a lo

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme