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Home Business StartUPs

Interledger Foundation, Chimoney to Enable Feeless Cross-Border Payments in Over 130 Countries

Together, the companies will eliminate up to 12% in international payment fees while enabling individuals to convert between traditional and emerging payment options

by Joan Aimuengheuwa
September 12, 2024
in StartUPs
0
Interledger Foundation, Chimoney to Enable Feeless Cross-Border Payments in Over 130 Countries
Uchi Uchibeke, founder/CEO, Chimoney and Briana Marbury, president and CEO, The Interledger Foundation

Uchi Uchibeke, founder/CEO, Chimoney and Briana Marbury, president and CEO, The Interledger Foundation

UBA
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The Interledger Foundation, an organization building and advocating for an open, interoperable payment network, and Chimoney, a fintech company providing multi-currency wallets and infrastructure for cross-border payments, today announced their work to power cross-border payments between more than 130 countries worldwide. 

Together, both companies 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. 

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. 

In markets with limited access to traditional banks, individuals without bank accounts face even more fees for converting funds into digital alternatives, such as Mobile Money and airtime, in order to exchange currency via their mobile phone number.

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. 

Consumers will additionally be able to send feeless cross-border and local payments to other digital wallets in the Interledger network, as well as convert payments into their preferred currency from Chimoney’s digital wallet. 

This includes local options such as the USD, CAD and Africa’s M-PESA; and unconventional payment methods including gift cards, Mobile Money and airtime.   

Early pioneers in the cross-border payments space have made headway in bringing cross-border payments to individuals with bank accounts, but don’t serve those without them. 

Current offerings are also limited in terms of the countries and currencies they support, and payments usually take anywhere from one to three days, rather than hitting accounts instantly.

“At Chimoney, our mission has always been to break down financial barriers and enable universal access to financial services,” notes Uchi Uchibeke, founder and CEO, Chimoney. 

“Our partnership with the Interledger Foundation is a monumental step in this journey. These advancements will democratize access to financial services, just as the internet democratized access to information.” 

Recognizing the challenges that come with facilitating payments in multiple international markets—each with its own unique regulations—Chimoney’s ready-to-implement API gives companies the ability to embed cross-border payments into their offerings quickly, with regulations and compliance already built in. 

“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,” said Briana Marbury, president and CEO, The Interledger Foundation. “Our work together puts us one step closer to a sustainable, interconnected global payments network.”

As a recipient of Interledger’s Digital Financial Services grant program, aimed at growing interoperable payment capabilities across global financial infrastructures, Chimoney is one of several companies paving the way toward a new standard for open-source financial inclusion worldwide.

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  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

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Tags: Briana MarburyChimoneyFeeless Cross-Border PaymentsInterledger FoundationUchi Uchibeke
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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