The Bill & Melinda Gates Foundation has partnered with a consortium of tech firms including cryptocurrency developer Ripple to develop a new open-source software called Mojaloop.
The software creates a real-time, interoperable payments platform on a national scale to reach the world’s poor with essential financial tools. The World Bank estimates it may help the nearly 2 billion struggling to lift themselves out of poverty simply because they don’t have a bank account or financial services.
Mojaloop is based on the power of the Interledger Protocol (ILP) and offers a way for financial providers, governments and mobile network operators to simplify and reduce the cost of developing inclusive payments platforms.
Besides Ripple the new collaboration includes developers Dwolla, ModusBox, Software Group and Crosslake Technologies.
“The open-source code we have created thanks to the contribution of Ripple, as well as Dwolla, ModusBox, Software Group and Crosslake Technologies, will give billions of people the opportunity to make and receive payments using their mobile wallets. It is our hope that they will be able to buy and sell goods and services in a way that is safe, transparent, affordable and instant,”,” Kosta Peric, deputy director, Financial Services for the Poor, at the Bill & Melinda Gates Foundation, said.