The Interledger Community 🌱: BessPay

BessPay ILF Interim Report

BessPay — Sun, 20 Jul 2025 02:58:52 +0000

BessPay's Vision

Across the Global South, micro and small businesses are the heartbeat of local economies. Yet when it comes to getting paid online or expanding across borders, too many are left behind—facing high transaction fees, slow settlements, limited local currency options, and inaccessible payment systems.

There are over 440 million MSMEs in emerging economies employing billions of people, but the majority remain excluded from modern financial systems. This exclusion limits their ability to participate in global digital trade and stifles economic growth.

The BessPay Plugin is our answer—a new kind of payment solution that is open, affordable, and designed for entrepreneurs in emerging markets. Built on Interledger Open Payments and piloted through the SouthLink Marketplace, BessPay connects marketplaces to faster, cheaper, and more inclusive cross-border payments.

Our vision is simple: enable any MSME—from a craft seller in Jamaica to a freelance developer in Nairobi—to get paid instantly, in local currency, from anywhere in the world.

Our Journey to date

The first months of this journey were about establishing a strong technical and collaborative foundation. Working closely with the Interledger's tech team and Chimoney’s engineers, we refined our architecture to support secure, scalable, and currency-flexible integration.

On the technical side, backend APIs are developed and User Interface components are functional. We began sandbox integration with Chimoney's wallet infrastructure. Even with a leadership transition following our Technical Lead’s departure in July, the team adapted quickly and remains on track to deliver the MVP by September 30, 2025.

Commercially, we've formed milestone-based partnerships with Chimoney (for digital wallet and financial processing and settlements) and Journey Horizon, Sharetribe’s premier implementation partner, to support the development of the BessPay Marketplace Template. Journey Horizon, founded in 2018, has grown to a team of over 50 professionals, delivered 100+ Sharetribe-powered marketplaces, and continues to support 20+ live platforms through maintenance and enhancements. Their experience and strategic support are integral to our marketplace readiness.

We also benefit from the personal support of Juho Makkonen, CEO of Sharetribe, who continues to champion the project’s mission to provide easier. Cheaper and faster payments for MSMEs globally.

Current Stage: Research & Development

We are in the Research & Development phase, focused on validating our design choices, testing technical integrations, and grounding the BessPay Plugin in real MSME needs. Our approach combines global research with local insights from diverse markets, ensuring the MVP delivers measurable value from day one.

Primary Research: Three targeted survey instruments for marketplace operators, MSME sellers, and buyers are currently in pilot. Early findings are already influencing MVP priorities, with a strong emphasis on currency flexibility, mobile-first UX, and escrow-based trust mechanisms.
Secondary Research: Reports from the World Bank, ITU, GSMA, and regional development banks have shaped our understanding of digital adoption, financial inclusion gaps, and MSME readiness in the Caribbean, Africa, and Southeast Asia.
Pilot Phase: Surveys are active across 14 countries, with a focus on ensuring at least 40% women, 40% youth, and 30% rural entrepreneurs are represented. This data is directly informing technical architecture and product design.
Market Alignment: Phase 1 prioritizes the “People Bookings + Event Bookings” template for remote service-based MSMEs, responding to post-COVID shifts toward online freelancing and global service trade.

Team & Partnerships

Internal Team:

2 × Junior Full Stack Engineers
1 × Full Stack Engineer
1 × Senior QA
1 × Project Manager
1 × Business Development Manager
1 Research Specialist
1 Research Intern

Technical Collaborators:

Interledger Tech Team – Technical guidance, architecture alignment, protocol expertise
Chimoney Technical Team – Wallet integration, settlement flows, infrastructure support
Journey Horizon – Implementation partners; Sharetribe specialists with 50+ staff, 100+ marketplaces delivered; long-term platform support
Juho Makkonen (Sharetribe CEO)

Progress Update

Research:

Designed 3 targeted surveys for operators, sellers, and buyers.
Pilot surveys underway with MSMEs across multiple countries.
Early insights influencing MVP feature priorities, particularly around currency flexibility and mobile-first design.

Technical:

Completed system architecture design with partner input.
Backend API and database framework in development.
Integrated with Chimoney’s sandbox environment.
Initial UI components for onboarding and checkout are live.

Commercial:

Signed agreements with Chimoney and Journey Horizon.
Defined roadmap for the upcoming BessPay Marketplace Kit.

Key Activities & Outputs

Completed technical architecture documentation.
Built BessPay API endpoints.
Deployed MSME pilot research instruments.
Secured partner agreements to support MVP development.

Technical Artefacts

Context Diagram

Payment Flow Diagram

MVP Walkthrough

MVP Screens

Buyer Checkout

Seller Cashout

Impact & Target Audiences

BessPay supports underbanked MSMEs in the Caribbean, Africa, and Southeast Asia, who:

Employ over 70% of the workforce
Contribute up to 35% of GDP

Outcomes we’re targeting include:

≥30% reduction in transaction fees
≥50% faster settlement times
Increased participation in cross-border trade
Broader opportunity for women-led enterprises, youth, and community creators

Monitoring & Evaluation

Research & Development Phase:

API latency & error rates
Research participation and diversity
Integration smoothness (time-to-first-payment)

MVP Phase:

Transaction success rate ≥ 97%
Checkout completion ≥ 70%
Fee reduction ≥ 30% vs baseline

Launch Phase:

Pilot MSMEs onboarded: 200; two-year target: 10,000
Annual transaction growth ≥ 25%
Marketplace expansion across multiple countries

Communications & Marketing

At the Caribbean Creators Expo 2025, BessPay's Co-Founder Douglas Davidson joined a high-impact panel titled, "How to Get Paid Globally" alongside leading voices in fintech and digital strategy:

Uchi Uchibeke – Fintech Innovator & Inclusion Advocate (CEO, Chimoney)
Keron Rose – Digital Strategy & E-Commerce Expert (Host, Digipreneur FM)
Rickardo Ebanks – Chief Digital Officer & Fintech Leader (GraceKennedy Financial Group)

Moderated by Rickardo Ebanks, the 40-minute discussion delivered practical insights into:

Real-world tools for cross-border payments
Infrastructure innovations for creatives and entrepreneurs
Monetization strategies for the Caribbean digital economy
Overcoming barriers in getting paid globally

This session brought together perspectives from fintech innovators, digital economy strategists, and corporate ecosystem builders, reinforcing BessPay’s mission to connect underbanked entrepreneurs to global payment opportunities.

What's Next

Over the next quarter we plan the following activities:

Finalize MVP integration & testing by September 30, 2025
Complete pilot research analysis and apply findings to product design
Onboard the initial 20 marketplaces for the MVP pilot
Roll out marketing campaigns for early adopter marketplaces ahead of the Marketplace Kit release

Community Support / Ask

We’re looking for candidates or referrals for the Technical Lead role, with expertise in:

Payment systems integration
Sharetribe-based marketplaces
API-first infrastructure

Reach out to:

Darryl Strachan – darryl@gspen.net
Douglas Davidson – douglas@gspen.net

Additional Comments

Thank you to the Interledger Foundation and our partners for your continued support. Community feedback, expert collaboration, and partnership alignment have kept the project focused. The coming quarter is critical, we’ll move from R&D into a fully functioning MVP and pilot phase ready to launch.

Relevant Links/Resources

Introducing the BessPay Plugin Project

BessPay — Wed, 30 Apr 2025 05:45:39 +0000

Integrating Interledger Open Payments into Sharetribe Marketplaces to Unlock Global Trade for MSMEs

The BessPay Plugin is a new project that will integrate Interledger Open Payments into the Sharetribe marketplace platform, enabling micro, small, and medium enterprises (MSMEs) across the Global South to accept and send cross-border payments with lower costs, local currency support, and no-code setup.

This work is supported by a grant from the Interledger Foundation’s Digital Financial Services (DFS) Unlocked program and will be piloted through our Sharetribe-powered marketplace, SouthLink, which will connect MSME sellers in Africa, the Caribbean, and Southeast Asia with global buyers seeking authentic goods, services, and experiences.

Why Sharetribe?

Sharetribe powers thousands of marketplaces in over 70 countries, enabling entrepreneurs to launch online platforms for e-commerce, services, rentals, and more without writing code.

Today, these platforms rely heavily on traditional payment providers like PayPal, Stripe, and local gateways. But MSMEs face persistent barriers:

High transaction fees
Slow settlement times
Limited support for local currencies
Inaccessibility in many Global South markets

The BessPay Plugin addresses these issues by enabling Interledger Open Payments making it easier, cheaper, and faster for MSMEs to get paid, both locally and internationally.

Plugin Benefits

With the BessPay Plugin, marketplace operators and MSMEs will be able to:

Accept payments from buyers worldwide in local or stable currencies
Launch multi-vendor marketplaces with no-code tools
Reduce transaction fees and improve payment speed
Integrate easily with existing Sharetribe workflows
Enable flexible payouts via bank transfers, mobile money, and agent networks (powered by Chimoney)

Timeline & Impact

Over the next 11 months, our work will include:

In-depth user research on MSME payment needs
Technical design and architecture of the plugin
Development and testing inside our own SouthLink Marketplace
Pilot implementation with MSMEs across sectors
Phased regional launch across Global South markets

Our goal is to enable MSMEs in 100+ emerging countries to trade globally by April 2026.

BessPay Plugin Solution

The BessPay Plugin leverages:

Interledger Protocol (ILP) and Open Payments APIs for interoperable, low-cost transactions
Chimoney APIs for payout flexibility in local contexts
Sharetribe for no-code marketplace creation
Mobile-first UX Design, tailored to MSME workflows in developing regions

Fig 1. From local sellers to digital service providers, MSMEs across the Global South are ready to thrive with faster, more affordable open payment solutions

The Plugin is designed to serve MSMEs in diverse sectors:

Fashion & Apparel: Caribbean clothing brands, African jewelry makers, Pacific Island woven textiles
Handcrafted Goods & Artisanal Products: Handmade pottery, beadwork, eco-friendly crafts
Creative Services & Digital Content: Illustrators, musicians, video producers, freelance writers
Tutoring, Coaching & Education: Online tutoring, business coaching, cooking classes
Home, Room, and Experience Rentals: Guesthouses, farm stays, cultural experience providers
Product-Based and Buy-and-Sell Marketplaces: Electronics, specialty foods, community classifieds
Health, Wellness, and Beauty Services: Telehealth consultations, natural skincare products, wellness coaching
Professional and Business Services: Software engineers, freelancers, legal advisors, virtual assistants
Logistics and Last-Mile Delivery Solutions: Micro-couriers, marketplace fulfillment providers
Events, Cultural Services, and Ticketing: Festival ticket sales, artist bookings, cultural workshops

Every MSME marketplace we empower contributes to job creation, youth innovation, and economic resilience.

MSMEs in the Global South

Across the Global South, MSMEs employ over 70% of the workforce and contribute 35% of GDP (World Bank).

Yet, cross-border payments remain a critical bottleneck. This project closes that gap bringing the benefits of the digital economy to entrepreneurs historically excluded from global trade.

We are working relentlessly to expand access to economic opportunity, especially for youth, women-led businesses, and community-first creators.

About Us

The BessPay Plugin is being developed by BessPay Ltd. with support from the ILF Digital Financial Services (DFS) Grant, 2024 cohort.

BessPay Ltd. is a fintech startup based in Jamaica, committed to unlocking economic opportunity for Micro, Small, and Medium Enterprises (MSMEs) through inclusive, affordable, and easy-to-use digital financial tools.

We specialize in creating solutions that address the unique payment and monetization challenges faced by entrepreneurs in emerging economies. Our previous work has focused on empowering creators in the Caribbean through ILP-based platforms and with the BessPay Plugin Project, we are expanding that mission to MSMEs across the Global South.

Join Us on the Journey
We are excited to collaborate with the Interledger community and ecosystem partners to build this future.

Visit us:
https://besspay.net
https://gspen.net

Follow our journey, give us feedback, and connect with us if you're interested in piloting, integrating, or supporting the BessPay Plugin rollout

References

United Nations. (2023). Micro-, Small and Medium-sized Enterprises Day. MSMEs account for more than 70% of employment and contribute up to 50% of GDP worldwide.
https://www.un.org/en/observances/micro-small-medium-businesses-day
World Bank. (2023). SME Finance – Improving Access to Finance for SMEs.
MSMEs face significant barriers in accessing affordable, cross-border financial services, including high costs and settlement delays.
https://www.worldbank.org/en/topic/smefinance
Inter-American Development Bank (IDB). (2023). Private Firms and SME Development.MSMEs are essential drivers of youth employment, inclusive economic growth, and local resilience in Latin America and the Caribbean.
https://www.iadb.org/en/who-we-are/topics/private-firms-and-sme
UNESCO. (2024). Creative Economy Outlook 2022–2024.
The creative economy accounts for ~7% of GDP in Asia and the Pacific, supporting over 31 million jobs.
https://unctad.org/system/files/official-document/ditctsce2024d2_en.pdf
Sharetribe. (2024). Powering 1,000+ Marketplaces Across 70+ Countries.
Sharetribe enables entrepreneurs to build no-code marketplaces serving local and global communities.
https://www.sharetribe.com

BessPay Project Update: Final Grant Report

BessPay — Tue, 02 May 2023 19:44:59 +0000

BessPay is a comprehensive digital content subscription service for creators in developing countries

Our Mission: Enabling creators and content businesses in developing countries to monetize and thrive online.
Our Vision: To be the leading content monetization and payment provider with the best rates and service for creators.

Introduction
BessPay aims to revolutionize how creators in developing countries earn and thrive online by developing and launching a comprehensive Digital Content Subscription Service.

This service includes an ILP Network node wallet and plugin facilitating:

seamless streaming payments
issuance of payment pointers to creators
integration with local financial entities for cash-out, and
flexible subscription payment methods. (credit cards, local payment agents, local digital wallets and carrier billing will be deployed in phases)

Research Findings
Our research reveals that Jamaican creators urgently need a transparent, efficient, and affordable solution for their content monetization and cash-out. Our survey results indicate that 48% of respondents find the fees for local bank transfers high or expensive, and 32% experience payment delays of over 7 days from content distribution platforms. BessPay will relieve these pain points with its low fees and payment delivery within 24 hours.

We found that Digital Content Businesses/Over-The-Top(OTT) platforms urgently require a scalable digital solution that streamlines creator onboarding, content monetization, and subscription revenue payouts while reducing costs and improving efficiency.

BessPay’s Business Model

Our business model is centred on enhancing revenue and optimizing operations for both individual creators and digital content businesses/OTT platforms. We achieve this by offering competitively priced services and exceptional customer support, facilitated by B2B2C distribution channels through strategic collaborations with leading regional telecom and financial organizations.

Prototype, Launch & Our Growth Potential

Our plan is to develop, test, assess, and fine-tune our prototype over a nine-month period, targeting an April 2024 launch in Jamaica. Following successful adoption in the initial market, BessPay intends to expand into 26 developing countries spanning the Caribbean, Central America, Africa, and Southeast Asia. To support this growth, we have devised a well-structured franchising strategy, which will be executed over a seven-year timeframe.

Progress on objectives

We have successfully completed our Research and Planning Phase and laid the groundwork for the development of the service’s ILP Node wallet and plugin.

Key activities

The following are the key activities that were carried out during the reporting period, under each objective

A. Business Plan :
We have successfully completed a comprehensive business plan that encompasses the business model, pricing analysis, eight-year financial projections, risk management, marketing and public relations strategies, as well as an expansion strategy through franchising.

B. Technology Plan:
Our technology plan has been finalized, detailing the integration of the Interledger Protocol, technical resource allocation, and cost estimates for the development of the prototype.

C. Legal, Regulatory Compliance & Risk Mitigation Strategic Plan:
We have developed a strategic plan addressing legal and regulatory compliance, risk management for Jamaica, and created a Risk Appetite Statement (RAS) to guide our approach to various risks.

Business Plan Synopsis

1. Surveys & Key Findings: Devised, conducted, and analyzed surveys to identify and understand the needs and preferences of Jamaican creators and subscribers, gauging feedback on fees, and determining market potential and demand for BessPay’s Digital content subscription service.

2. Persuasive Use Case: Established a convincing use case for ILP-based Financial Services, positioning BessPay as a trailblazer in the creative and financial sectors in the Caribbean region.

3. Target Market:
BessPay has identified the following key segments for its services:

a. Digital Content Businesses and ILP-Enabled Platforms wanting to do business in the :

Caribbean (2024-2027), TAM including Diaspora : 8.1M
Dominican Republic, El Salvador and Panama (2026-2028), TAM : 9.5M
Ghana, Kenya & Tanzania (Africa) & Malaysia (Asia) (2028-2030), TAM: 32M

b. Independent creators operating personal websites, with a Total
Addressable Market (TAM) of approximately 24,000 individuals.

c. Telecommunications companies offering Over-The-Top (OTT) Value
Added Services (VAS) across 27 countries, with a TAM of 125
million subscribers.

The TAM includes potential subscribers aged 15-65 years who have internet access, a smartphone, and an income at least equal to their country's median annual earnings.

BessPay's revenue projections are based on a conservative penetration rate of 0.5-1% of the TAM in each market, with strong annual growth anticipated.

4. Implementation Plan & Budget:
Devised an 8-year implementation plan and budget, covering prototype, launch, growth, and expansion phases.

5. Spreading Strategy via Franchising:
BessPay will establish an Expansion Fund, allocating 5% of gross revenue to fund its growth-spreading strategy via franchising. The growth phase commences after successful service adoption in Jamaica and aims to spread to 26 countries over a 7-year period.

Key franchising activities include:

a. Franchisee Selection & Training:
BessPay will implement a rigorous selection process and thorough training on its platform services, ensuring adherence to the Franchise Agreement, standards, and operating procedures. Franchisees are accountable for local adaptation, regulatory compliance, creator outreach, and promoting BessPay's services while upholding quality and brand consistency.

b. Franchisor Support in Expansion:
BessPay, as the franchisor, will leverage partnerships with multinational telecom and fintech services to facilitate the adaptation of the technology to function in the local market. Additionally, we will assist franchisees in complying with local regulations and payment methods, ensuring a smooth and consistent deployment of the solution across different regions.

6. Marketing & PR
BessPay employs an integrated marketing strategy to promote its innovative digital content subscription services, including the ILP Network node wallet and plugin. Key tactics include:

Social media marketing and influencer collaborations to create brand awareness and attract users.
Community engagement, feedback sessions, and nationalistic initiatives to strengthen community ties and preserve cultural traditions.
Content marketing, referral marketing, PR and media outreach, radio and TV interviews to establish credibility and trust.
Email marketing, targeted digital ads, guest blogging, webinars, conference presentations, and social media collaborations to expand reach and exposure.
Marketing to the diaspora to leverage pre-existing networks and increase brand awareness.

BessPay's data-driven marketing approach ensures continuous optimization of campaigns and strategies. As the platform grows, BessPay plans to expand its services to other regions facing similar challenges, diversifying its customer base and tapping into new markets.

7. BessPay’s Team

BessPay's skilled team has extensive expertise in various domains such as technical, IT, telecom, financial, creative, media, health, legal, regulatory, risk, and compliance. Each team member has between 10 and 30 years of experience, ensuring a comprehensive understanding of the industry.

Key team members include:

Douglas Davidson(CEO): A highly accomplished Senior Software Engineer, and Quality Assurance Lead with an accumulative experience of 10+ years in developing and testing web, mobile applications and games in varied industries. He is a Strategic thinker, solution-oriented, humble and has the innate drive for helping improve the lives of persons in developing countries with technology.

Jermaine Rattray(CTO): Over 20 years of experience as a System Architect and Software Engineering Lead, responsible for building out and managing development teams. He has successfully delivered many complex systems and API-centric projects for a wide range of industries including (Financial/Fintech, Insurance, Shipping, Health, Ecommerce, Content Platforms and other Consumer Apps)

BessPay's talent recruitment strategy focuses on attracting high achievers, offering competitive salaries and ESOP participation opportunities as rewards. This approach ensures the team continues to grow with skilled and dedicated professionals who will drive the company's success.

The organizational structure comprises various teams reporting to key leadership roles such as the CEO, CTO, Operations Manager, Franchise Manager, Marketing Manager/Consultant and Finance & Administration Manager. These teams include technical experts, software developers, designers, creative consultants, quality assurance engineers, security analysts, operations personnel, customer support, sales, marketing & pr, franchise consultant and finance & administration staff, all committed to deploying BessPay's vision, mission, and services.

8. Financial Projections
Over a seven-year period (2024-2030), BessPay projects considerable revenue growth and positive financial results in Jamaica, with key highlights including:

Total operating revenue exceeding USD$12.7 million
Net profit of USD$2.2 million and cash at bank of USD$2.9 million by Year 7
Expansion plans funded by allocating 5% of gross revenue to a Spreading-Expansion Fund Reserve accumulated to USD$593K by 2030.

Our strategy involves spreading-franchising across 26 countries beyond Jamaica, amplifying our operating results and fostering long-term growth.

Notably, the financial projections are based solely on the Jamaican operations for the first seven years, with further growth anticipated as franchise agreements are executed in other countries.

In summary, BessPay's innovative business model and unique technology lay the foundation for success in the digital content monetization and payments industry, ensuring value for creators, subscribers, and our shareholders.

Technology Plan Synopsis
The BessPay technology platform focuses on secure, efficient, and compliant content monetization and cash-out/payment services. Key aspects of the plan include:

Comprehensive security: Addressing secure development practices, data protection, privacy, infrastructure and application security, third-party assessments, and incident response.
Compliance: Adhering to international best practice standards and regulations for development and deployment.
Phased deployment: Transitioning from research and planning to prototype, followed by launch, growth, and expansion phases.
Payment methods: Including various payment methods, such as credit cards, local payment agents, local digital wallets, and mobile carrier billing, with a proposed deployment roadmap for each method.
Expansion strategy: Targeting the Caribbean (2024-2027), Central America (2026-2028), Africa & South-east Asia (2028-2030), with potential integration of Rafiki's functionalities for enhanced financial services.

This technology plan ensures a robust, secure, and scalable solution for the BessPay Service, facilitating seamless content monetization, cash-out and growth opportunities in the target markets.

The prototype stage of this project has an estimated total budget of approximately $380,000 - $440,000 USD, with prototype technical development costs of around $175,000 - $200,000 USD.

Legal & Regulatory Compliance Synopsis

The Bank of Jamaica (BOJ) under relevant legislation has regulatory responsibility and oversight for Deposit Taking, Banking, Money Remittance and Bill Payment Institutions in Jamaica. BOJ is currently developing legislation and regulations for Fintech companies and has established a sandbox for preliminary testing of innovations including digital wallets with a maximum timeframe of 24 months.

Pending Fintech Legislation, BessPay’s approach in Jamaica is to utilize existing services of regulated financial entities for Subscription payment and cash-out service. Country-specific regulatory and compliance assessments will be conducted prior to expanding to new countries.

Risk Strategic Plan
BessPay has a strategic plan addressing legal, regulatory, and risk mitigation aspects, focusing on:

1. Managing Multiple Stakeholders:
Building relationships with government entities, banks, Payment Agents, and telecom companies.

2. Managing Risk, Compliance, Governance, and Legal Frameworks:
Comprehensive risk assessments, investigating Country Regulatory Sandboxes, and ensuring compliance with regulations.

3. Building Trust in BessPay Service:
Communication and customer onboarding plan, responsible creator engagement strategy.

4. Managing Financial Regulatory Approach:
Working closely with regulators to ensure compliance and utilizing services of regulated financial entities for Subscription Payment and Cash-Out Services.

We have developed a Risk Appetite Statement (RAS) outlining our approach to risk management across seven categories: strategic, operational, financial, compliance and regulatory, reputational, cybersecurity and data privacy, and technology risks.

Communications and marketing

BessPay has developed a comprehensive database of 1,246 creators in Jamaica, which will be used to design targeted marketing campaigns.

Other communications & marketing activities include:

Sharing information about ILP technology and its opportunities with key stakeholders.
Engaging with potential local and overseas partners within the ILP Network to explore collaboration opportunities.
Attending ILF online community events and sharing insights with our Core, Consulting and Advisory teams.
Utilizing targeted email marketing to nurture relationships with creators and their communities.
Hosted a creator-focused information session about the ILF community grant opportunity “Future Money” attended by 45 potential creative applicants from the Caribbean.
Marketing, Communication, and PR Strategy: BessPay has developed a strategic Marketing, Communication and PR plan to introduce its service during the Prototype, Launch, and Growth phases. This includes:

a. Marketing: Creating targeted campaigns to raise awareness and attract potential users.

b. Communication: Keeping stakeholders informed and engaged throughout each phase.

c. PR: Building a positive brand image and reputation for BessPay in the market.

What’s next?

The next steps for BessPay is to:

Submit a prototype funding proposal to the Interledger Foundation in June 2023.
Upon approval (estimated July 2023), assemble the development team and execute the Prototype Development Plan.
Perform comprehensive Quality Assurance and Security testing for the BessPay Prototype.
After completion (estimated November 2023), invite a select group of First Adopters (Creators & Subscribers) to test, evaluate, and give feedback on the BessPay Service.
Carry out the Marketing, Communication, and Brand Development Plan for Pre-launch and Beta-Testing phases.
Successfully launch the BessPay Beta Service in Kingston, Jamaica (estimated April 2024).
Conduct a Post-Launch Review Period and refine the service as needed.
Implement the Marketing & PR Plan in the Jamaican market.
Monitor and achieve KPIs in Jamaica (2024-2027).
Ensure stability, growth, and a reputation for providing excellent client service.
Execute the Spreading Strategy via Franchising.

What community support would benefit your project?

1. Collaborations and Networking: Support from Stakeholders in the Interledger Community will foster cross-industry connections, sharing of best practices, and learning from each other’s experiences.

2. Feedback and User Testing: Feedback from the Interledger community on our prototype, user experience and business model will provide valuable insights for refining our offering. We would also appreciate community members volunteering as first adopters to test the platform and provide constructive feedback.

3. Local Support: As BessPay expands into new markets, assistance from Interledger's community members within each country will prove invaluable for local franchisees in their business development and promotional activities.

Additional comments

We are grateful for the valuable feedback and collaboration from the community.

Our exchange of ideas and learning collectively will contribute to a fair, efficient, and accessible digital content ecosystem, enabling creators in developing countries to earn and thrive online.

We thank the Interledger Foundation Program Team for their guidance and support.

Report Dated: May 2, 2023

BessPay — Grant Report #1

BessPay — Fri, 03 Feb 2023 08:09:27 +0000

Project Update - Grantee Interim Report

BessPay will develop and deliver a comprehensive subscription solution for digital content creators in the Caribbean starting with Jamaica and expanding to the other islands over eighteen (18) months.

Our work started on October 3rd, 2022 with the assembling and mobilization of a 10-person highly experienced multi-disciplinary Consulting & Advisory Team established to guide and provide critical support to the 4-person Core Research & Development Team.

Over the past 4 months (Oct 2022 to Jan 2023) significant progress has been achieved in our research & planning including the completion of BessPay's Technology Architecture Design, MVP Roadmap for the Prototype Stage and identifying the real needs and wants of Caribbean Creators through a Pilot Creator Survey (where over 83% of respondents indicated their need for a creator ecosystem).

Based on the research findings, we have established an ecosystem for Caribbean Creators called BessCaribbean, where this community is nurtured and paid promptly when their content is consumed.

BessCaribbean will be a content directory portal for Caribbean content across all ILP networks* and deliver quality Edu-entertainment content designed to make Caribbean people (our members) happier, healthier, wealthier, and wiser.

The project has faced some challenges including the availability, scalability, and reliability of Video Hosting Platforms in the ILP Network, the volatility & uncertainty of cryptocurrencies and the absence of specific regulatory requirements in Jamaica. These challenges are to be expected in a project of this size and early-stage development; however, we remain undaunted and have identified workable solutions for the successful implementation of the BessPay Project.

Progress on objectives

Our objectives are centered on conducting the research necessary to establish the viability, efficacy, and soundness of the BessPay solution. This research & planning will end on April 3 2023 with the completion of 3 critical operational plans: a Business Plan, a Technology Plan and a Legal & Regulatory Compliance & Risk Mitigation Strategic Plan. These plans will also guide the compilation of the final project report to the Interledger Foundation (ILF).

Work has been progressing satisfactorily on 8 internal supporting documents that will guide the validity and creation of our 3 critical operational plans, these documents are - 1) Problem Investigation & Market Research, 2) Compelling Use Case for the ILP Web Service*, 3) Strategic Marketing & Public Relations, 4) Overall Budget & Pricing Strategy, 5)Technology Work Schedule, 6) Technology Budget, 7) Regulatory Policy, Rules & Strategy, 8) Security & Data Privacy Protection.

Our progress to date on the completion of our 3 critical plans are:

Business Plan: 60% completed
Technology Plan : 35% completed
Legal & Regulatory Compliance & Risk Mitigation Strategic Plan : 25% completed

Our Research has highlighted the need to include the global Jamaican Diaspora (2nd to 4th. generations living in the USA, Canada, U.K & other countries) into BessPay's previously locally based target market of persons aged 15 – 65 years.

The Diaspora will contribute its market size, shared cultural heritage, creative talent & capacity, greater disposable income and enormous potential contribution to the Caribbean Creator ecosystem.

Key activities

The following are the key activities that were carried out during the reporting period, under each objective

Business Plan

Commenced development of a database of creators in Jamaica.
Designed & conducted pilot surveys to understand the needs and wants of Jamaican creators.
Designed & conducted pilot member surveys to understand the needs & wants of BessCaribbean members/subscribers.
Drafted a compelling use-case for ILP based financial web services called, BessCaribbean
Developed 1st draft of the Strategic Marketing & PR Plan
Initiated communication with business stakeholders/potential partners
Established outline parameters for Prototype Phase Budget.

Technology Plan

Identified features of the BessPay and BessCaribbean platforms
Developed an MVP(Minimum Viable Product) Roadmap for Prototype Phase
Developed high-level Technology Architecture Diagram for BessPay and BessCaribbean
Researched video hosting ILP alternatives and requirements for a scalable solution for the launch of BessCaribbean.
Researched alternative base transactional currency.

Legal & Regulatory Compliance & Risk Mitigation Strategic Plan

Reviewed requirements of Regulatory Framework in Jamaica
Research requirements for Fintech Regulatory Sandbox in Jamaica
Researched Data Security & Privacy Laws in Jamaica
Consultations with our Legal, IP, Compliance and Regulatory Advisory Team as to our best options for startup.
Established outline parameters of a ROSS(risk-oriented strategic sourcing) Framework for BessPay and BessCaribbean

Communications and marketing

Our Strategic Marketing & Public Relations internal document is designed to guide communication and foster very good relationships with Creators, Members, Business Partners, Other Stakeholders and Public Sector entities in order to ensure a smooth and successful start-up and operation of BessPay.

During the reporting period, the following Communications and Marketing actions were carried out:

Established web presence via landing page https://www.besspay.net
Established social media pages on Twitter, Facebook, Linkedin and Instagram.
Booth Presentation at the Interledger Summit Nov 2022
1st Draft of Strategic Marketing & PR Plan

Focus was placed on completing the required research, establishing a solid corporate image and building direct relationships with key creators, potential members, Telecom, Financial and Media/ILP Platform entities.

What’s next?

Complete live/fieldwork surveys of Members & Creators in Jamaica, the Diaspora & continue building and cementing relationships with the creator community.
Develop a clear understanding & working relationship with key public and commercial stakeholders including Financial, Telecom and Media/ILP Platform Partners*.
Complete the 8 internal supporting documents, the 3 Critical Plans; Business, Technology and Legal & Regulatory Compliance & Risk Mitigation Strategic Plan.
Compile & submit a Final Report to ILF and transition to the prototype stage.

What community support would benefit your project?

We welcome assistance and support from the ILP Community through the following:

Sharing of regulatory requirements documentation:
If Fintech regulations are advanced in their countries, please share regulatory requirements documentation & any experiences with regulators. This information will assist us in best practice benchmarking and dialogue with key public stakeholders.

Networking and Partnerships:
To date we have identified 15 potential platforms in the ILP Network with whom we will seek to establish business partnerships, and remain open to other viable opportunities.

Partnership with BessPay will be mutually beneficial. Partners will benefit from increased business volume & revenues from expansion into the Caribbean, along with the enhancement of their diversity offering.

*At the time of submitting this report we have been notified that Coil will be discontinuing their service as of March 15, 2023.

Coil's cessation of operations may have a significant impact on the ILP-enabled platforms identified for partnering with BessPay. These platforms use Coil's monetization plugins as a key feature of their platforms.

Our Partnership search efforts may be delayed pending their identification of a new Web Monetization Provider.

Capacity Building:
Speakers and Mentors from the community who can assist BessPay in their creator training and development programs.

Additional comments

BessPay will play a significant role in developing a viable and scalable infrastructure connecting Caribbean Creators to the global digital economy and enhancing the lives and economic well-being of Caribbean people.

We thank Interledger Foundation(ILF) for the Grant funding of this Project, and are deeply grateful to the Program Team for their support and guidance throughout this reporting period.

Following Coil's notice we await further information and instructions from the Interledger Foundation of the impact of this closure on the ILP Network and the Prototype & Launch Phases of the ILP Based Financial Web Services Grant Program.

Report Dated: February 2, 2023