The keynote was very well done - thank you.
Interoperability may be more inclusive but it also makes systems and applications far more complex. Is this really the right direction for inclusive growth?
Health care interoperability never got anywhere useful really, so why should payment interoperability be any different?
The discussions in one loop for all blog are great but we really need more analysis based on field details.
Thank you joining the session.
Please download the slide deck here: https://drive.google.com/file/d/1haqjtl2R_CL40Fh2FgVK7I5wtxqZeG5-/view?usp=sharing
The key enabler of growth is the coverage of all the use cases that benefit the poor and unbanked - not only person-to-person flows, but also government-to-person (even more important now as governments struggle to send support payments to their populations in the wake of the COVID-10 pandemic), merchant, payments to schools/utilities.
I would suggest reading the McKinsey global report entitled “Digital Finance for All:
Powering Inclusive Growth in Emerging Economies” for an analysis on how interoperable platforms create value. They mention " that widespread use of digital finance could boost annual GDP of all emerging economies by $3.7 trillion by 2025, a 6 percent increase versus a business-as-usual scenario".
The report is avalable here.
Thanks for the question, a little more detail on how Mojaloop enables interoperability:
Mojaloop has four components that enable interoperability:
- The interoperability layer connects bank accounts, mobile money wallets, and merchants in an open-loop.
- A directory service layer navigates the different methods that providers use to identify accounts on each side of a transaction.
- A transaction settlement layer makes payments instant and irrevocable.
- It also has components for designing and implementing strong internal fraud controls. Mojaloop was designed with the highest security systems in mind and already works with existing banking systems such as ACH (Automated Clearinghouse) and RT-RPS (Real Time/Real Payments systems). While these components strengthen the system, organizations are responsible for monitoring and protecting their payment models against fraud.