The Interledger Foundation, an organisation building and advocating for an open, interoperable payment network and Chimoney, a fintech company providing multi-currency wallets and infrastructure for cross-border payments, have announced their work to power cross-border payments between more than 130 countries worldwide.
Together, they will enable consumers without bank accounts to send and receive money through bankless digital wallets, as well as instantly convert it into a traditional or emerging payment method of their choosing. This will enable businesses and individuals, including freelancers, remote workers and beneficiaries of cash-based transfers (CBT) to bypass significant bank fees, exchange rates and other transaction charges that are traditionally required to send and receive money internationally.
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For many businesses and workers, cross-border payments are a lifeline. The global freelance economy, for instance, now includes more than 1.5 billion individuals, many of whom make their living through international work. The options for sending and receiving international payments, however, are still largely limited to traditional financial systems that require a formal bank account, and come with steep fees of up to 12% per transaction and extended wait times.
Together, the Interledger Foundation and Chimoney will make cross-border payments a reality in more than 130 countries
Using the Interledger Foundation’s Interledger Protocol (ILP), an open, neutral protocol for transferring money, and its Rafiki software to power payments through Chimoney’s Payment Infrastructure, the companies will give businesses the ability to send international payments quickly to any phone number or email at a fraction of the cost of current systems, with no fees passed on to the end consumer.
Uchi Uchibeke, Founder and CEO, Chimoney, commented: “At Chimoney, our mission has always been to break down financial barriers and enable universal access to financial services. Our partnership with the Interledger Foundation is a monumental step in this journey. These advancements will democratise access to financial services, just as the internet democratised access to information.”
Briana Marbury, President and CEO, The Interledger Foundation, said: “Chimoney’s bankless cross-border payments model is evidence of how the entire financial industry can leverage open technology to create new offerings for those who haven’t had them before now. Our work together puts us one step closer to a sustainable, interconnected global payments network.”
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