We are thrilled to be joining Visa as an inaugural participant in its Accelerator Program – a newly-created initiative aimed to drive innovative financial services across the company’s global network. Our proof of concept will focus on connecting the brand’s world-renowned financial services to Mojaloop as part of our effort to unlock financially inclusive services to those who need it most. So, we thought we’d share a little more about the program and why we’re excited to start working with Visa and its partners.
What is the Visa Accelerator Program?
Visa created the Accelerator Program as a “rapid way for visionary startups to unlock global scale by partnering with the world’s leader in digital payments.” Throughout the 4-6 month program, the ModusBox team will be working alongside mentors from Visa and external executives from its global network of partners, and four other startups – Brankas, Curlec, DigitSecure, and Open. The goal of the accelerator is to build a proof of concept (POC) that connects Visa’s industry-leading global payments network to Mojaloop – the world’s first open source technology for interoperability in real-time payment (RTP) networks.
Why did we apply?
We built Mojaloop with the goal of creating interoperability among real-time payment systems and unlocking access to the global financial system for small financial institutions (FIs) that typically lack the necessary resources to connect. Our goal has long been to connect the financial system that serves low-income communities to that which serves middle and upper-income communities. We believe that there should be one global system that serves everyone, and there’s no better partner to make sure we bridge that gap than Visa. We have been working with Visa toward this type of partnership for 18 months because we believe it can play a major role in solving global interoperability challenges by creating access to its vast network through Mojaloop.
Why are we excited about it?
Our mission is to create universal access to financial services for all people. Financial exclusion is a global problem, and the solution will require help from strong allies, like Visa. With that in mind, there are several reasons we’re excited to get started in this program:
- Our team will work alongside Visa, its partners, and clients, including 500 Startups’ acclaimed network of industry mentors and investors. These organizations represent a group of like-minded companies that believe in RTPs and the importance of connecting all FIs (including non-traditional FIs) to the global financial system.
- We are closely aligned with Visa’s strategy for RTPs and believe that mobile money, microfinance institutions, and other community FIs worldwide will benefit from being connected to Visa’s global network.
- Our solution will bring the sophisticated financial services of Visa and its network partners to tens of thousands of FIs that do not have access to regulated financial services. By connecting Visa to Mojaloop, we can enable FIs worldwide to build the capabilities needed to leverage Visa’s remarkable network. Ultimately, this has the potential of extending financial inclusion to the millions of people represented in this market.
- We believe that the partnership between ModusBox and Visa will prove that high-value financial services can be offered at a compelling cost.
- Finally, we’re excited that Visa is willing to roll up its sleeves with us to make a real change in people’s lives throughout Southeast Asia and, potentially, the rest of the world.
What do we hope to get out of the program?
There are an estimated 1.7 billion people in the world who do not have access to formal financial services. We want to change that. Connecting Visa to Mojaloop represents a major step towards financial inclusion and advancing the Mojaloop cross-border strategy. Additionally, working with Visa and its partners will promote improved fraud systems for real-time payments and accelerate expansion to new countries with new use cases. This is particularly true for international remittance direct to non-bank accounts – creating an instant payment solution at a very low cost to people for whom every dollar, rupee, or peso counts.
If you would like to learn more about our work with Visa and Mojaloop or how we are unlocking access and enabling FIs to participate in modern financial services, visit our website or contact a member of our team today.