Today, Mojaloop or Mojaloop components are being used by developers for both in-country and cross-border payments platforms
Mojaloop is open-source software which uses the Open API Specification for FSP Interoperability. Funded by the Gates Foundation’s Level One Project, Mojaloop is now an open community project, with code available to any developer on GitHub.
Mojaloop or components of Mojaloop can be used to create Level One-aligned payment platforms. The software was designed to provide a reference model for payment interoperability between banks and other providers across a country’s economy. It is made available for software developers to adapt and banks, financial service providers, and companies to implement.”
Mojaloop makes it easy for different kinds of providers to link up their services and deploy low-cost financial services in new markets.
Anyone in financial services is invited to explore and use the code. In particular, it enables central banks, scheme operators, payment processors, and fintech firms to accelerate the creation and deployment of interoperable payment platforms that can reach an entire population, including low-income consumers. It gives existing payment processors and providers a level playing field to connect to.
“Mojaloop is a tool that can help reduce traditional barriers that banks and financial services providers face to interoperability. It isn’t a product or app. It’s the code to build a platform for bridging all the financial products and applications in any market.”
Next Topic in this Section: The Mojaloop FSP Interoperability API