Ripple partners with Gates Foundation

Ripple announces its partnership with Bill & Melinda Gates Foundation
17 October 2017   663

Bill & Melinda Gates Foundation releases new open-source software for the unbanked that utilizes technology developed by distributed ledger startup Ripple.

Thus, the new software, called Mojaloop, aims at providing an interoperability layer between financial institutions, payment providers and other firms that offer such services to the poor and unbanked. In its turn, Ripple's Interledger protocol, which is used to transact between different financial networks, is being used to help accomplish that goal.

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. 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.
 

Kosta Peric
Deputy Director, Financial Services for the Poor, at the Gates Foundation

As reported, in addition to Ripple, other financial technology firms participate in the development of the software: Dwolla, ModusBox, Crosslake Technologies and Software Group.

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. 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.
 

Chris Hamilton
CEO of BankservAfrica

According to the company, the developers can access the new software on GitHub, the world’s leading open-source development platform. The software 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 is not to 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.

RippleNet expands into emerging markets

Additional 5 international financial institutions have joined Ripple
21 February 2018   107

Banks from Brazil (Itau Unibanco) and India (IndusInd) along with remittance providers from Singapore (InstaReM), Brazil (Beetech) and Canada (Zip Remit) joined the ranks of members of the enterprise blockchain solution for global payments. This announcement with an earlier partnership with China (Lianlian) brings Ripple even closer to the so called 'emerging markets'. With the partners base of more than 100 organizations worldwide, Ripple allows its members access and exchange payment information between each other and finalize the transactions in an instant.

We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.

 

Prajit Nanu

Co-founder and CEO, InstaReM

On top of that, with the application of a blockchain technology the costs of transactions and the transfer times get drastically decreased. It is reported that IndusInd and InstaRem will use Ripple's xCurrent platform to improve cross-border payments to other financial institutions globally; and Beetech with Zip Remit will use xVia to deal with global payments for their respective customers.

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.

 

Patrick Griffin

Head of business development, Ripple