The work we contribute to the Mojaloop platform is extremely rewarding. We are humbled to work alongside forward-thinking and innovative organizations to bring financial services to everyone. This time, it’s a partnership with the World Council of Credit Unions (WOCCU).
WOCCU recently announced their plans to leverage Mojaloop to bring interoperable payments to credit unions across Asia, enabling digital financial inclusion for more than 50 million people.
Recognizing our extensive experience working with credit unions and the Mojaloop platform, WOCCU is turning to ModusBox for assistance with architecture, configuration, and development of a demonstration platform built on the open source project. We are pleased to work alongside Paysys Global, LLC who is overseeing the business, regulatory, and operational parts of the project.
This initial rollout of Mojaloop will occur in the Philippines and Indonesia, with other countries in Asia to follow. When completed, the payment network will be available to more than 260 million credit union members across the globe.
The program will help bring financial services to the underserved and poor, which aligns with the vision of the Level One Project, a project that inspired the development of Mojaloop.. WOCCU President and CEO Brian Burch said of the project, “Many economically disadvantaged populations still lack access to safe and affordable financial services, and digital technologies hold the promise to reach lower income members cost-effectively. Deploying an open source and shared platform to service existing and new credit union members aligns with our financial inclusion mission, supporting the global financial system to operate in a more collaborative, transparent and inclusive manner.”
Interested in learning how ModusBox can help you leverage open banking for your initiatives? Contact us – we’d love to hear from you.