Interledger Foundation Funds Fintechs To Establish Global Interoperability Network

The Interledger Foundation is an organization focused on creating an open, compatible payment platform. The organization is pledging to support fintech companies that utilize its protocol to introduce payments to developing markets and people who don’t have access to many services.

The organization is developing and supporting a system where dealings are not restricted to a location, mobile money provider, or particular bank.

The Institute Wants To Integrate ILP Into Existing And Future Payment Systems

The institution wants to provide digital banking services to the 1.4 billion individuals who can’t use regular banking systems. It intends to achieve this goal using the Interledger Protocol (ILP), created in partnership with Stefan Thomas, an early Bitcoin contributor. The institution collaborates with allies to incorporate its ILP into current and emerging payments and financial infrastructures.

The foundation is now committing $4 million to support fintechs that use the open-source ILP, paying for the setup of their current infrastructure to work together.

The offer is directed at two types of companies: those that get payments through their apps and those that help with payment transactions. The organization is investing funds of $150,000 and $250,000 to assist in financing the development of the needed technical infrastructure.

The Chief Executive Officer of Interledger Foundation, Briana Marbury, stated that companies are always seeking new opportunities to grow their market share and expand their user base. She said these organizations have not always considered underserved populations and emerging markets. Marbury added that the firms have realized that many small transactions could add to trillions of dollars.

The Interledger Foundation Seeks To Assist Firms In Creating A Fair Financial System

Marbury noted that chasing these fresh financial opportunities lets companies help create a financially fair system. She added that the institution’s goal is to assist them in doing this by removing some financial barriers to make easy, instant payments available to everyone.

Last week, The Interledger Foundation introduced its Next Generation Higher Education Grant. According to reports, the grant is directed at properly training the upcoming open-payment, open-source, and online financial inclusion workforce.

The institution is searching for teachers in colleges and universities to create classroom and campus programs that introduce students to new open payment technologies that could change the economic world.

Through these collaborations, Interledger will support programs that create various paths for graduate and undergraduate students. This will create a future where individuals build inclusive, fairer, and compatible payment networks.

The Grant will review project proposals. It will consider projects lasting up to 12 months and provide up to USD 50,000 for work on the project and associated expenses for software development, training, or event participation.