Last week, the Mojaloop Community announced the release of Mojaloop Version 14, a significant milestone in the development of the open source instant payment system as it continues to mature while also providing enhanced support for continuous evolution.
Mojaloop 14 brings together a broad range of developments from across the Mojaloop Community, setting the stage for the future and meeting the increasingly sophisticated needs of the inclusive financial sector. It represents an evolution to keep pace with emerging market needs, with the Community stepping up to make significant contributions to the open source project.
Some of the highlights of Mojaloop 14 are:
- Additional tools for service operators, particularly in the key area of risk management;
- Enhanced support for bulk payments, focused in particular on the needs of Direct Participants connected to Mojaloop Hubs;
- Upgraded support for fintechs and payments aggregators, enabling them to participate in the financial infrastructure without the need for bilateral arrangements with banks and others;
- Improved tools for participants across their Mojaloop lifecycle, from onboarding to continuous testing, transaction monitoring, reconciliation and reporting;
- Significant maintenance activity, ensuring that Mojaloop keeps up to date with all of the developments in other open source projects that Mojaloop relies on.
It’s also noteworthy that one significant change has been made to the portals available to service operators. Version 2 of the longstanding Finance Portal, which has been part of Mojaloop for some time, has now been deprecated. It is replaced with Finance Portal Version 3, which takes the lessons learned from real-world usage of Version 2 and adopts the Mojaloop Business Operations Framework, bringing best practice identity, access management and role-based access control to Mojaloop. It builds on a new set of micro-frontends, which provide unified access to a comprehensive set of Mojaloop repositories, from which customized portals may be built. Together, the Business Operations Framework and the supporting micro-frontends bring a set of standard tools to the Mojaloop Hub while also supporting easy extension by a service operator/systems integrator to allow them to meet their specific needs.
Mojaloop 14 is a forward-looking evolution that lays a secure foundation for the future, and therefore its adoption is strongly encouraged. Interested community members should reach out to the Foundation and its partners for more information.