Ocusing On Rural Migrant Laborers The Platform Will Use Open Source Software From Interledger Foundation And Mojaloop News Today : Breaking News, Live Updates & Top Stories | Vimarsana

SINGAPORE, April 18, 2023 /PRNewswire/ The Mexican Association of Credit Unions of the Social Sector (AMUCSS), the People's Clearinghouse, and ThitsaWorks have signed a Memorandum of Understanding (MOU) to cooperate in the delivery of a cross-border remittance platform for the US-Mexico corridor, focusing on rural migrant laborers. The platform will use open-source software from the Interledger Foundation and Mojaloop Foundation, specifically, Rafiki and Mojaloop's Cross Network Provider. Many community banks in Mexico face technical limitations that prevent their customers from connecting to the Interbank Electronic Payment System (SPEI) through their own (nostro) accounts, leaving them no choice but to rely on non-transparent intermediaries to connect to other banks' (loro) accounts. Without the ability to directly connect to SPEI, remittances to beneficiaries living in rural Mexico arrive in cash, which is both expensive and risky. To address this issue, AMUCSS has pur ....

Andres Arauz , Isabel Cruz Hernandez , Interledger Foundation , Mojaloop Foundation , Mojaloop Cross Network Provider , Mexican Association , Social Sector , Across Network , Interbank Electronic Payment System , Cruz Hernandez , Nyein Aye , April 18 , 023 Prnewswire The Mexican Association Of Credit Unions Social Sector Amucss , He People 39s Clearinghouse , Nd Thitsaworks Have Signeda Memorandum Of Understanding Mou To Cooperate In The Delivery Ofa Cross Border Remittance Platform For Us Mexico Corridor , Ocusing On Rural Migrant Laborers The Platform Will Use Open Source Software From Interledger Foundation And Mojaloop , Afiki And Mojaloop 39s Cross Network Provider Many Community Banks In Mexico Face Technical Limitations That Prevent Their Customers From Connecting To The Interbank Electronic Payment System Spei Through Own Nostro Accounts , Eaving Them No Choice But To Rely On Non Transparent Intermediaries Connect Other Banks 39 Loro Accounts Without The Ability Directly Spei , Emittances To Beneficiaries Living In Rural Mexico Arrive Cash , Hich Is Both Expensive And Risky To Address This Issue , Mucss Has Pursued The Creation Of People 39s Clearinghouse To Establisha Cross Border Payment That Will Leverage Amucss Existing Network 140 Mainly Rural Community Banks Sofincos Anda Broader Saving Cooperatives Socaps , Nd Connect Them To Spei And Other Payment Networks This Initiative Will Providea Fast Low Cost Account Based Entry Point For Remittances Rural Communities Contribute The Reinvestment Of Liquidity Community Development Thitsaworks , Ith Extensive Experience In Similar Projects Including Wynepay Interoperable Payment Switch Myanmar And The Cross Border Remittances Platforms For Singapore Philippines Corridors Will Provide Non Binding Technical Operational Advice Successful Implementation Of This Project Utilizing Their Deep Expertise , Financial Services Insights , Nd Hands On Operational And Development Expertise Of The Mojaloop Platform , Hitsaworks 39 Technical Assistance Will Cover Establishing Operational Procedures And Developinga Framework For Scheme Rules ,