The Interledger Foundation is making strides with several new projects in countries like Pakistan, Uganda, and Jamaica as it aims to establish an open, interoperable payment network.
The Foundation is dedicated to creating a network that allows transactions free from the constraints of specific banks, mobile money providers, or geographic locations, thereby extending digital financial services to the 1.4 billion individuals who are currently excluded from traditional banking systems. This vision is facilitated through the Interledger Protocol (ILP), which was co-created by early Bitcoin contributor Stefan Thomas. The organization collaborates with partners to integrate the ILP into both existing and emerging financial and payment infrastructures.
Recent initiatives involve working with private fintech companies to enhance remittances for a major bank in Pakistan, supporting microloans for community-based financial institutions in Uganda, and enabling international payments for online marketplaces in Jamaica.
Additionally, the Foundation is funding five research projects aimed at exploring methods to enhance economic engagement and sustainable growth in both established and emerging communities. It has also increased investments in existing projects, such as collaborating with the People’s Clearinghouse to establish a remittance pathway between the US and 140 community banks in rural Mexico, and partnering with Wallet Guru to develop a pay-as-you-go utility payment solution.
Chris Lawrence, chief program officer at the Interledger Foundation, stated, “Each organization and individual we work with plays an integral role in advancing open payments, ensuring that technical and societal obstacles do not hinder financial growth on both local and global scales. With each new project, we continue to expand the possibilities beyond the financial systems we recognize today.”