We are honored to be one of three winners of the ISO 20022 Hackathon for our cross-border payment solution. The event was jointly hosted by the Bank for International Settlement (BIS) and SWIFT to develop and demonstrate new solutions that use the ISO 20022 standard for messaging to improve international payments.
As co-developers of Mojaloop and sponsoring members of the Mojaloop Foundation, our goal was to represent this technology in our solution. We partnered with the foundation to create “Team Mojaloop” alongside Coil, a fellow sponsoring member, and Crosslake Technologies. Our solution demonstrated how a small community bank customer in rural Indiana, USA, could send funds to a family member who uses a mobile money wallet in Rwanda, Africa. In this fictional scenario, the Rwandan mobile money wallet is part of a Mojaloop-based interoperable payments hub. The Mojaloop hub handles the last-mile delivery of funds quickly and securely, while the global reach of the SWIFT network enables traditional financial institutions around the world to initiate the transfers. The team utilized the SWIFT protocol and network for the cross-border transaction and, of course, the ISO 20022 standard for the messaging format. The solution combined ISO 20022 message content with the reliable transfer orchestration of the Mojaloop network to deliver straight-through processing worldwide.
If you would like to learn more about the hackathon or our solution, check out the links to the following resources:
- View a working demo of our solution: http://sim.hackathon2.moja-lab.live/mobilesimulator
- Check out the code on the GitHub repo: https://github.com/mojaloop/ml-iso-hackathon
- Announcement video from the BIS Innovation Summit 2021: https://youtu.be/HJkKgdz9fBY
- BIS press release: https://www.bis.org/press/p210325.htm
At ModusBox, we are committed to the Mojaloop community and the ongoing adoption of interoperable real-time payment systems. We believe this work is critical for the inclusion of 1.7 billion people who do not have access to formal financial services. If you would like to know more about our work with Mojaloop, contact our team today.
