Financial services

Interledger Foundation Calls for Proposals for ILP-Based Financial Services – TechEconomy.ng

The Interledger Foundation (ILF), a non-profit web advocate, promoting innovation, creativity and inclusion by advancing open payment standards and technologies that seamlessly connect our global society and its community create pathways to financial access and opportunity around the world.

The organization supports people and ideas that use the Interledger Protocol (ILP) to contribute to an open payment network based on fair access through the Internet.

In continued service to its mission and learning from its Grant for the Web program, Interledger has announced the next open call for proposals (CFP) to target the creation of more financial nodes in the Interledger network.

“In our two years of grantmaking, we have learned that promise and enthusiasm are not enough for our technology to expand financial access around the world or to solve local problems,” said Briana Marbury, Executive Director of the Interledger Foundation.

“We are at an inflection point in the development of the Interledger protocol where expanding the network is the next critical step.

With this opportunity, we want to help Interledger-driven business models thrive by leveraging an open standards protocol while solving real problems for real people.”

This call for proposals will support up to 20 projects through a research, development and planning phase. This grant opportunity covers the first phase and projects selected in this first round will be eligible and competitive for the second round.

Interledger seeks projects focused on planning and creating financial services. Examples of consumer-facing services they seek to enable as ILP nodes are digital wallets, mobile money providers, banks, and neo-banks that include these features:

While searching NOTNew Voices and Ideas in the Interledger Network

Interledger wants to ensure that these financial innovations originate and are created outside of typical locations and demographics. ILF seeks to support communities that have – and continue to be – systematically and deliberately excluded from financial access and empowerment opportunities. For this call for proposals, ILF will increase the scoring of the following criteria in the judging process:

  • Projects located and serving geographic locations outside of North America and Western Europe.
  • The team’s results benefit communities that have been historically underrepresented.

Steps

Research and planning: Interledger will award up to twenty projects US$75,000 for a six-month project timeline in this first phase of the grant. These awards are planning grants that enable successful applicants to produce a dynamic business plan to become an Interledger Network Node. Winners will potentially have the opportunity to apply for the prototyping phase.

Prototyping: Projects will move forward with additional funding to implement their plan and produce a working prototype/beta version of their service. This phase will focus on practical application and regulatory compliance to establish a working prototype of the node and the capability it creates for its users.

To throw: Building on the first two phases, Interledger will identify a set of ready-to-go projects. With the third round of awards, ILF will fund, support and help launch fully functional financial nodes in the Interledger Network.

Interledger will begin accepting applications for the research and planning phase on May 17, 2022.

Key details

  • All applicants must be a formal entity such as a business, NGO, educational institution, government agency, or other documented collective.
  • The call for proposals will be open from May 17 to July 8, 2022.
  • The ILF will award up to 20 recipients for US$75,000 in funds.
  • The cohort will start in 2022.
  • Full details of requirements and processes will be shared upon opening the application. Submitted will be used for the application process.
  • The ILF will have two hours of operation before the application form goes live, May 12 at 12:00 UTC and May 13 at 19:00 UTC.
  • They will answer questions on their Interledger Slack