Gates Foundation uses Ripple Interledger technology in mobile payments

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Announced today, Mojaloop aims to provide a level of interaction between financial institutions, payment providers and other firms that offer such services to the poor and non-bank. The Interledger Ripple protocol, which is used to conduct transactions between different financial networks, is being used to achieve that goal.

In addition to Ripple, three other financial technology companies participated in software development. The application appeared from the Level One Project, the main idea for its work with the unbanked poor that has seen it explore technologies such as blockchain.

The Gates Foundation has been weighing application of the technologies since 2015, including its use as a way of overcoming unrelated financial systems.

In addition to the direct work on Mojaloop, the project also involved four other mobile operators - Ericsson, Huawei, Mahindra Comviva and Telepin - developed an open API to accelerate the pace of integrations.