In the world of mobile money, interoperability has been one of the industry’s north stars for years, as it holds the promise of an interconnected world in which people in emerging markets can send money to each other regardless of the mobile money service they are using.
For over a decade, mobile money has been driving financial inclusion, opening access to digital transactions and giving people the tools to better manage their financial lives. The rapid rise of the mobile money industry has been accompanied by an increasing emphasis on the need for account-to-account interoperability.
Interoperability refers to the ability to make an electronic money transfer between two accounts held at different institutions.
In the context of mobile money, the term interoperability can be used in many ways, but the simplest use case is for mobile money providers to give customers the ability to transfer money between two accounts in different mobile money schemes, or between accounts at a mobile money scheme and a bank, known as account-to-account (A2A) interoperability.
Interoperable payment systems can connect customers, merchants, banks and other financial service providers, creating an open, harmonised ecosystem and providing greater financial inclusion.
Mobile money interoperability has been implemented differently in different markets and contexts. The technical solutions deployed have been diverse, reflecting differences in scope and ambition, as well as evolving standards and regulations. While mobile money interoperability is not new, most solutions are still in their infancy.
This is why the Inclusive Tech Lab created an open-source platform to help industry players to evaluate different technologies, develop interoperable solutions, and provide onboarding and certification capabilities for an interconnected world.
Be the innovator in your market, provide interoperability and expand and facilitate seamless payments and transfers.