Monday, October 16, 2017

Bill & Melinda Gates Foundation Launches Open Source, Financial Services Code

The Bill & Melinda Gates Foundation has extended itself into the world of open source software, saying it has launched a new project, Mojaloop.io, which will help reduce the cost and complexity of building out financial services in developing countries. According to the foundation, the software is designed as a "reference model" for payment interoperability between banks and other providers, and is available free of cost for software developers to adapt and banks, financial service providers and companies to implement. The Bill & Melinda Gates Foundation said it is specifically looking to help solve interoperability problems and other issues which prevent nearly two billion people in developing economies ability to access benefits of bank accounts and other financial services.