ILF launches 8 projects to increase global money movement

The Interledger Foundation is an organisation focused on promoting an open and interoperable payment network that enables transactions across various banks and locations. Its primary goal is to increase access to digital financial services for the 1.4 billion unbanked individuals globally by utilising the Interledger Protocol (ILP). The Foundation works with partners to integrate ILP into existing financial infrastructures.

Currently, the Interledger Foundation is collaborating with private fintech companies to optimise remittance services in Pakistan, support microloans in Uganda, and facilitate international payments in Jamaica.

Fragmented and inaccessible digital payments

The organisation is investing in 5 new research projects, bringing its total initiatives to over 200. While digital payments are convenient in some regions, a lack of global standards has resulted in a fragmented and inaccessible financial system, preventing approximately one-third of the world’s population from participating. To address these challenges, the Foundation aims to create an open network for simplified payments using the Interledger Protocol and develop strategies to expand access to digital payment services.

The 3 other new technological projects announced include:

• Paysys Labs: this project simplifies remittances for Allied Bank Limited in Pakistan by converting customer accounts into digital wallets on the Interledger Network, thereby reducing costs and delays in cross-border payments;

• BessPay: this service facilitates international payments for online marketplaces in Jamaica and the Caribbean, helping small and medium-sized businesses to launch marketplaces with low-cost, fast transactions through Interledger Open Payments;

• Kanzu Finance: this initiative powers microloans for community-based financial institutions in Uganda, increasing economic empowerment by automating credit scoring and enabling quick loan distribution via digital wallets.

Additionally, the Interledger Foundation has increased investments in ongoing projects, including collaboration with the People’s Clearinghouse to establish a remittance route connecting the US to 140 community banks in rural Mexico and working with Wallet Guru to create a pay-as-you-go utility payment system.