Google, the Bill & Melinda Gates Foundation, ModusBox, Omidyar Network, Coil and the Rockefeller Foundation have started the Mojaloop Foundation, a charitable non-profit aimed at advancing the Mojaloop open source software project. The aim of the project is to create payment interopability between services and providers and so have a low-cost payment system that would allow anyone, and especially low-income people and the unbanked, to access financial services. Named after the Swahili word for “one,” Mojaloop will be a reference model, or blueprint, for payment interoperability.

A subscription is required to read the full article.