Mojaloop is “open-source software for building interoperable digital payments platforms on a national scale. It makes it easy for different kinds of providers to link up their services and deploy low-cost financial services in new markets.”
At the Mifos Initiative, we believe that Mojaloop nicely complements the Mifos/Apache Fineract stack whereby we provide the core banking infrastructure for client and mobile wallet account management, a financial ledger, and portfolio account management needed by each Digital Financial Service Provider to uniquely identify accounts and initiate and record transactions on financial accounts.
While Mojaloop provides an open source platform enabling an internet of payments providing secure, low-cost, interoperable payments utilizing the following components:
Mojaloop includes four components: an interoperability layer, which connects bank accounts, mobile money wallets, and merchants in an open loop; a directory service layer, which navigates the different methods that providers use to identify accounts on each side of a transaction; a transactions settlement layer, which makes payments instant and irrevocable; and, components which protect against fraud.
We look forward to being an active part of the Mojaloop community and are working on some proof of concept integrations between Mojaloop and Fineract 1.0 and Fineract CN.