The Bill and Melinda Gates Foundation have introduced an open-source payments gateway to provide an interoperability between payment services providers and financial institutions.
The payment software, called Mojaloop will allow interoperability among digital payments.
Speaking to journalist, Kosta Peric, the foundations deputy director of financial services for the poor said that interoperability of digital payments has been the single most challenge for financial service industry to overcome. “With the new software, our partners will have a solution that can work with any service. We therefore invite banks and other payment service providers to explore Mojaloop and test the tool,” said Mr. Peric.
The soft-ware is available free-of-cost, and the Foundation invites players in the payment and banking industries to test and explore the system. It further says that Mojaloop can overcome barriers that financial players encounter in interoperability and can be implemented by any company into their systems.