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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This collaboration is poised to reshape the landscape of cross-border transactions and global payouts through the integration of Corpay’s innovative solutions with Chimoney to enhance Chimoney’s service, enabling cash-out to Bank Accounts in more countries to complement Chimoney’s offering of cash-out to Bank Accounts, Mobile Money, Airtime, and Gift Cards.

Through this collaboration, Chimoney’s customers* will be able to gain access to and utilize Corpay’s Cross-Border’s innovative solutions to help Chimoney mitigate foreign exchange exposure risk as it enables businesses to pay anyone in the world using just an email, phone number, and social media username.

Additionally, with Corpay’s award-winning trading platform, Chimoney’s customers can now effortlessly access payouts to more countries and currencies.

“Corpay is very pleased to announce our commercial partnership with Chimoney. I have no doubt that Chimoney’s customer base can benefit greatly from our specialized service and access to our comprehensive cross-border payments and currency risk management solutions.” said Frank Mannarino, Vice President and head of Channels and alliances, at Corpay Cross-Border Solutions. “The team at Corpay is excited to build long-term business partnerships with customers and power their international payments, help them execute their plans to manage their currency risk, and support their growth internationally.”

Chimoney’s vision for global Payments is to connect all Payment networks, currencies, and rails globally to enable people everywhere to simply get paid with minimal complexity.

By working with partners like Corpay, Chimoney can ensure compliance with local regulations and leverage Partner expertise to help manage foreign exchange risks, drastically reducing foreign exchange and regulatory risks for its users and corporate clients.

“As Chimoney’s mission has always been to unlock economic opportunities globally, this collaboration with Corpay amplifies our vision of creating seamless access to more payout options and countries. With Corpay’s expertise and platform, we are poised to offer our customers access to a more expansive and efficient payout ecosystem. This is not just a partnership; it’s a synergy where innovation meets scale. For businesses and investors, it’s clear: Chimoney is setting new standards in fintech, constantly pushing boundaries, and striving for excellence,” added Uchi Uchibeke, Founder and CEO of Chimoney.

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This partnership marks a groundbreaking endeavor to democratize cross-border payments, enabling financial access for users across the globe.

Chimoney’s mission is crystal clear: to unlock economic opportunities for everyone, everywhere. This mission dovetails seamlessly with Interledger Foundation’s vision of a more equitable global society through an open payments network. Together, they aim to break down financial barriers, ensuring that financial services are a universal birthright.

Uchi Uchibeke, CEO of Chimoney, expressed his optimism about the partnership: “Our collaboration with the Interledger Foundation is a testament to our commitment to a more inclusive financial landscape. We look forward to exploring the possibilities this partnership brings and bringing Bank Accounts, Mobile Money, Airtime, and other payment options to the Interledger Ecosystem.”

When asked about the partnership with Chimoney, Briana Marbury, the CEO and President of the Interledger Foundation said;

“We are excited to have awarded the ILP Financial Services grant to Uchi Uchibeke, founder of Chimoney. Our partnership with Chimoney creates more opportunities to further the goals of global financial inclusion. We are also looking forward to Uchi speaking at our Interledger Summit this year in Costa Rica, where he and many other innovators in this space will share their insights.”

The primary focus of this partnership is the integration of the Interledger Protocol (ILP) into Chimoney’s ecosystem. ILP, an open-source framework, offers a decentralized platform for frictionless cross-border transactions.

This integration promises to simplify financial transactions across different blockchains and payment networks.

Chimoney’s integration of Rafiki capabilities into Chimoney Wallets further amplifies this vision, ensuring a seamless financial experience for users.

The potential of this partnership is boundless. Interledger Protocol (ILP)  could revolutionize cross-border payments, making them faster and more cost-effective. It could also pave the way for innovative financial solutions tailored to underserved communities.

“Chimoney extends an invitation to organizations and individuals who share our commitment to financial inclusion. Together, we are making financial services as accessible as sending an email, ensuring that financial inclusion becomes a reality for all”, Marbury said.

As this partnership progresses, Chimoney remains steadfast in its mission: unlocking economic opportunities for everyone, everywhere.

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With a clear mission to democratize access to global payments and foster financial inclusion, Chimoney’s journey takes a significant leap forward through its participation in the Techstars program.

Chimoney’s inception was fueled by the desire to eliminate barriers to global payments and extend financial opportunities to all corners of the world. Amidst the millions who lack traditional banking access, Chimoney’s innovative platform enables businesses to send bulk payouts easily, allowing recipients to cash out through various methods such as banks, gift cards, crypto, mobile money, and airtime. The transformative power of Chimoney enables businesses to seamlessly pay anyone, anywhere, by using just an email or phone number.

Uchi Uchibeke, the Founder and CEO of Chimoney, shared his perspective, stating, “Techstars Toronto’s support is a pivotal moment as we work toward our goal of universal access to global payments. Collaborating with Techstars ignites our mission to empower more people worldwide through financial inclusion, which remains at the core of everything we do.”

Uchibeke’s personal journey informs Chimoney’s dedication to inclusivity. Having faced financial struggles during his move to Canada for education, his experiences led him to establish Chimoney, leveraging his professional background at Shopify, RBC, and IBM, as well as his role as founder of AfricaHacks.

Chimoney’s innovative prowess extends beyond industry boundaries, promising not just financial accessibility but also the empowerment of lives globally. By offering a flexible and comprehensive payment solution, Chimoney is pioneering a transformation in economic landscapes. Whether it’s remote workers in emerging economies, students with scholarships, or community members receiving rewards, Chimoney’s impact resonates on a daily basis.

The allure of Chimoney’s economic empowerment has captured the attention of investors and partners alike. With a visionary platform, audacious mission, and the backing of esteemed investors like Techstars, Chimoney stands poised to revolutionize the global payments arena.

Participating in the Techstars program offers Chimoney the opportunity to accelerate growth, establish strategic alliances, and create a lasting imprint on the realm of global payments and financial inclusivity. Backed by the resources of Techstars, Chimoney is geared to reshape global transactions and cultivate a more encompassing financial ecosystem, one payment at a time.

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Chimoney’s mission to connect anything to everything and anywhere to everywhere has led to a 45x increase in transactions and a 600% increase in user accounts this year.

“We are constantly working to improve our platform and ensure that our users have the best possible experience when using Chimoney,” says Uchi Uchibeke, Founder and CEO of Chimoney. As the company scales its API, it expects a 50-100x increase in user accounts created through third-party integrations.

The company has expanded its supported payout and redeem options, making it easier for clients to send payouts across borders.

Chimoney now offers over 500 million products from Amazon and Shopify stores, accessible through the Unispend Marketplace.

This expansion has been well-received by users and contributed to the growth seen this year, particularly in the emerging stores of value segment.

In the past year, Chimoney has launched innovative products such as Metaward, a Payment Request Link feature, and announced that it is working on an FDIC-insured Trust Accounts feature, which provides bank accounts where client funds are held for the benefit of the client.

These product launches have improved the user experience, client trust and contributed to the company’s rapid growth.

We are committed to enhancing financial inclusion and unlocking utility of all traditional and emerging stores of value”.

– says Uchibeke

The company remains dedicated to global collaboration, simplifying the bulk payout process, and offering exclusive payout options and off-ramps in the form of Gift cards, Airtime, Mobile Money, Bank Payouts, E-commerce products and services, and Virtual cards.

The Company helps ambitious businesses and developers unleash the utility of their projects by leveraging a unique experience and meeting endless possibilities.

To explore the best-tailored solution for your business model, visit Chimoney’s Product Hub.

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The startup which previously facilitated disbursement on its intuitive dashboard will now enable disbursement through Slack and more daily-life platforms and with global businesses to unleash their utility by integrating with Chimoney’s super API.

Speaking on the rebranding and inclusion of new features, Atchima Munpakpien, Head of Marketing said that the rebranding and new features were a part of an effort to simplify the website, improve the user experience, and offer more solutions to a wider range of users.

The brand is now seen as the comprehensive infrastructure for any kind of payment chain.

“We’re upgrading the website experience as we move from a gift of choice or flexible gifting platform to payment infrastructure, covering ChiPay, which is an exclusive bulk payout system but still personalized and ChiConnect, a plug and play API for businesses to enable their users to cash out in-app assets to over 300 gift cards, airtime, mobile money, banks, and more. With the new design practices joining the force, the releases aim to facilitate easier navigation and faster transactions,” she explained.

To add more excitement to the integration world, one of the new features will allow businesses and organizations to send perks or payments that can be redeemed into anything—cryptocurrencies, mobile money, airtime, gift cards, and others—without leaving Slack.

The futuristic company is also preparing to join the 2022 Collision starting June 20. The Collision Conference is one of the premier technology conferences in North America which has seen some of the biggest founders and CEOs since the first edition in 2013.

For the 2022 edition, Nicolas Cary, CEO, and founder of Blockchain, Thomas Dohmke of Github, Chris Best of Substack, and Flori Marquez of Bloc-fi among other prominent founders, innovators, partners and are expected.

Commenting on the start-up’s participation in the conference, Uchi Uchibeke, Chimoney’s founder stated that as a company offering API for global payments and exchange of value between crypto and traditional finance, Chimoney is excited to connect with other global startups and share its ambition to increase the utility of crypto and stored value globally.

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