The Interledger Community 🌱: BessPay

BessPay Plugin - ILF Grant Final Report

BessPay — Mon, 06 Apr 2026 07:39:52 +0000

Brief Project Description

The BessPay Plugin integrates Interledger Open Payments into Sharetribe, a leading global marketplace platform, to deliver easier, cheaper, and faster cross-border transactions for emerging markets. Built over twelve months under the ILF Digital Financial Services Grant (April 2025 - March 2026), this solution is specifically engineered to operate within the unique economic and technical constraints of the Global South. It gives MSMEs the infrastructure to launch two-sided digital marketplaces and receive funds directly into their own Interledger-compliant wallets, bypassing the prohibitive fees and traditional gateway barriers that have historically hindered them from global trade.

Please see our previous progress report here: (https://community.interledger.org/besspaysocial/besspay-2nd-ilf-interim-report-narrative-49ch)

Project Update

What We Set Out to Build and Why

We set out to solve a critical bottleneck for entrepreneurs in emerging markets: accessing and maintaining accounts with leading international payment platforms. Stripe, the default payment processor for Sharetribe, works in 11 of the 146 developing countries our target users operate in. PayPal covers more geography, but its high fees and slow withdrawal cycles undermine the economics of micro-businesses. The result is a large population of capable, digitally active entrepreneurs across the Global South who cannot properly participate in global digital commerce, not because they lack skills or products, but because the payment rails were never built for them.

BessPay has built a plugin that connects any Sharetribe marketplace to the Interledger Open Payments network. The solution is simple, cost-effective and efficient. A marketplace operator installs BessPay, connects their preferred Interledger-compliant wallet, and their sellers can immediately receive payments directly into their own wallets, with automatic fee-splitting, full transaction history, and no dependency on Stripe or PayPal.

Our Development Journey

April - July 2025:
Market research, system architecture, and early development. We designed the system around Chimoney's API as the primary integration layer. This was a practical choice; Chimoney gave us a fast path to MVP and a known integration partner. The architectural diagrams, database design, and API scaffolding were all completed on schedule.

August 2025:
ILF technical check-ins surfaced a significant problem. The ILF technical team reviewed our architecture and pointed out that our backend was acting as a proxy layer over Open Payments endpoints that are explicitly designed to be public-facing. More fundamentally, by routing everything through Chimoney's API, we were building a closed system rather than a true Open Payments client.

September 2025:
We submitted a formal scope change and committed to a full architectural rebuild. The new design uses the official Interledger Open Payments TypeScript/Node SDK only. Funds route directly between Interledger Account Servicing Entities (ASEs). BessPay handles orchestration only; it never holds custodial funds. Marketplace owners, sellers and buyers can connect any Interledger-compliant wallet (Chimoney, Interledger Wallet, Gatehub etc.) through the Marketplace Owner Dashboard or directly on the Sharetribe Marketplace.

September-October 2025 (The Five-Week Sprint):
To execute this intensive rebuild, we expanded our engineering capacity by onboarding a Technical Lead with over 20 years of fintech experience and an additional full-stack developer. In parallel, Sharetribe's premier integration partner, Journey Horizon, dedicated a project manager and three full-stack engineers to the integration.

This combined effort successfully delivered the wallet-agnostic BessPay Plugin API, engineered with secure, server-side orchestration to guarantee sensitive credentials are never exposed to the browser. Alongside the API, we developed a Next.js Marketplace Owner Dashboard, empowering operators to easily configure their ASE wallets, manage fee splits, and oversee transaction analytics.

To ensure stability on a compressed timeline, the team implemented automated CI/CD pipelines via GitHub Actions and achieved a flawless 100% line and function test coverage for the critical payments service module. This rigorous QA process yielded a 96% transaction success rate in the staging environment, with an average end-to-end processing duration of just 28 seconds. Ultimately, Journey Horizon integrated this hardened API into a dedicated Sharetribe instance, delivering a fully operational marketplace powered by Open Payments.

A Lesson in Resilience: Navigating Category 5 Hurricane Melissa
Between late October and November 2025, during our most critical development phase leading up to the Interledger Summit, our team faced an unprecedented external challenge: Category 5 Hurricane Melissa. As the second-largest hurricane in both Jamaica's and the Western Hemisphere's recorded history, the storm's impact was devastating. Our Jamaican team members faced complete communication blackouts, widespread loss of power and water, impassable roads, and in some cases, severe displacement.

Despite these extreme conditions, the team's commitment never wavered. Several displaced members eventually relocated to Kingston specifically to regain connectivity. To ensure we did not miss our critical ILF Summit deliverables, we rapidly reorganized our workflows. Team members based in unaffected islands, specifically Trinidad & Tobago and Barbados, stepped up immediately, assuming additional engineering and operational responsibilities to cover for their Jamaican counterparts.

We want to extend our deepest gratitude to the Interledger Foundation team for their constant communication, empathy, and understanding during this crisis. This period definitively proved that our human collaborative network is just as robust as our technical infrastructure.

November 5-6 2025 (Interledger Summit, Mexico):
We presented and live-demoed our Sharetribe marketplace integration to the global developer community. Showcasing true cross-wallet operability, the flawless demonstration featured a buyer using a Chimoney wallet successfully purchasing from a merchant using an Interledger Wallet. The BessPay Plugin automatically manages the complex backend processes seamlessly, including quote generation, grant requests, and fee-splitting. Following the successful presentation, we met with the ILF Technical team for an in-depth review of the implementation, gathering critical feedback to shape our post-Summit enhancements.

November 2025(post-Summit)-February 2026:
Following the Summit, the BessPay development team executed a rigorous post-Summit sprint, implementing over 40 user stories and technical updates to further strengthen and enhance the BessPay Platform. This body of work resolved a bug preventing seller accounts from making purchases, added a Transaction Detail Modal, a transaction emailing system, a Merchant Performance Module, and multi-currency dynamic quoting via the Open Payments Quote feature. These backend enhancements required corresponding updates to the Sharetribe frontend integration, which were scoped for Journey Horizon to implement following the completion of our API work. However, the volume and pace of enhancements delivered during this sprint, combined with time and resource constraints at the close of the grant cycle, meant the frontend updates could not be completed within the funded period. The frontend integration remains stable at its pre-sprint state and the pending updates are the primary focus of our immediate next phase of work with Journey Horizon.

March 2026:
Code freeze implemented. All engineering effort focused on security updates and CI/CD. The backend is stable. The frontend Sharetribe integration has blockers in the seller onboarding and checkout flows that need to be resolved before production launch.

Where We Are Now

The BessPay API is fully functional, as proven by the successful live cross-wallet transactions at the ILF Summit. However, finalizing the production-ready user journey remains our immediate priority. Specifically, the seller onboarding and checkout flows on the Sharetribe front-end must be updated to seamlessly align with the related Seller API enhancements implemented post-Summit.

Project Impact & Target Audience(s)

Our target users are the economic engine of the Global South: the over 400 million Micro, Small, and Medium-sized Enterprises (MSMEs), freelancers, and independent creators driving regional economies, employing over 70% of the workforce and contributing up to 35% of GDP in their countries.

We place a specific, strategic focus on empowering women and youth across the Caribbean, Latin America, and Africa, alongside their digitally fluent global diasporas.

These are capable entrepreneurs already operating active businesses, often leveraging channels like WhatsApp and personal websites. However, their potential for scale is hindered by a massive finance gap and a systemic barrier: traditional gateways like Stripe exclude most developing nations, making the collection of cross-border payments costly, frustrating, and time-consuming. Our pilot research overwhelmingly validated these systemic pain points.

BessPay bridges this divide by providing a seamless Open Payments integration. By bypassing geographic restrictions and prohibitive fees, we unlock access to modern financial rails, enabling historically marginalized communities to finally participate in, and benefit from, a multi-trillion-dollar global digital economy.

What the Pilot Research Found
We conducted an initial pilot study engaging 15 participants: 10 sellers, 4 buyers, and 1 marketplace operator, across the Caribbean, Africa, and Asia. While this is a small group and the results are directional rather than definitive, what they told us maps perfectly to the problem we set out to solve.

From sellers:
Payment delays and high fees were universal pain points. One seller in Jamaica summarized what would make digital commerce viable: "Integration with local banks, cash out to local bank account." Another in Nigeria was direct about the urgency: "We consult with service businesses and we need payment integration platforms urgently." Both confirmed they would be willing to test BessPay, noting that fast payouts would be the primary driver of adoption.

From buyers:
The open-ended feedback was clear: "Digital payment could very much improve online shopping if the risk of fraud and many uncertainties associated with digital transactions are addressed properly." Buyers listed fraud/scams and the lack of refund options as their top concerns, and stated they would be open to trying BessPay if it introduced these trust and safety layers.

From the marketplace operator:
Despite listing Stripe as a known provider, they indicated they do not currently have a functioning digital payment integration. Their top challenges were technical integration difficulties, KYC/AML compliance, and a lack of cross-border capabilities. When asked what additional input they'd like to share, their response was immediate: "I need a meeting with you guys." They emphasized that seamless Sharetribe integration was "critical" and indicated a strong interest in piloting BessPay.

These responses confirm our product-market fit hypothesis: the pain is real, the willingness to try something better is there, and the trust and compliance challenges our research identified are genuine. A broader survey of 100 sellers, 100 buyers, and 20 marketplace operators is currently in progress across the Caribbean, Central America and Africa, with results to be published ahead of our production launch.

Additionally, our inaugural Caribbean Creators Expo (CCE 2025, funded by UNESCO), held July 26, 2025, drew 850 attendees, showcased 37 creative entrepreneurs, and reached 1.54 million people on social media. The "Getting Paid Global" session at CCE introduced Interledger Open Payments directly to Caribbean creators. The Jamaica Business Development Corporation (JBDC) subsequently issued a formal letter of support for the upcoming expanded Caribbean and Africa Creators Expo 2027 (CACE).

Progress on Objectives, Key Activities

Objective 1: Research and Escrow Architecture

We successfully completed an initial pilot encompassing six countries, engaging sellers, a buyer, and a marketplace operator, and a broader 100-respondent survey is currently in progress. The pilot research overwhelmingly validated the core problem across these three specific user types and confirmed the pattern that shaped our architecture: sellers need speed and cross-border access, buyers need trust infrastructure, and marketplace operators need plug-and-play simplicity. The marketplace operator's comment, "I need a meeting with you guys," captures something important: there is genuine, active demand from operators who cannot yet find workable payment solutions.

Concurrently, our objective to build a basic escrow service was intentionally deferred from active development to pure research. This strategic pause allowed us to thoroughly evaluate three distinct escrow models (Same account < general sub-account < per-transaction sub-account), identify per-transaction sub-accounts as our optimal long-term architecture, and produce a concrete regulatory roadmap. This deep-dive work directly shaped our legal planning, ensuring our technical architecture aligns perfectly with future compliance requirements for Caribbean jurisdictions.
(Status: Partially met, pilot complete, broader survey in progress, escrow deferred to Post-launch phase.)

Objective 2: Core Technical Architecture, API Integration, and Performance

The pivot to exclusively using the Open Payments SDK was the defining technical event of this grant. Pivoting away from a direct Chimoney API integration, we completely rebuilt the system as a wallet-agnostic Open Payments client using the official SDK.

To ensure high performance and scalability, the final system runs on Bun/Elysia with PostgreSQL on Google Cloud Run, containerized via Docker. For financial security, the resulting backend boasts multi-ASE support and strictly enforces double-entry bookkeeping principles, ensuring all state transitions are ACID-compliant.

To empower operators, we delivered a fully functional Marketplace Owner Dashboard equipped with an ASE wallet connector, configurable fee splits, a drag-and-drop layout, a Transaction Detail Modal, a Merchant Performance Module, and multi-language support. Furthermore, we fully implemented automated, programmatic fee-splitting across the seller, marketplace owner, and platform. This included introducing multi-currency dynamic quoting via the Open Payments Quote feature, as well as a tipping functionality that allows buyers to reward sellers directly upon successful transaction completion.

The rigorous engineering behind this rebuild yielded strong technical performance in our staging environment. Our automated CI/CD pipelines and testing protocols resulted in a flawless 100% line coverage for the payments module and 100% global function test coverage.

In practical application, the staging environment demonstrated a highly reliable 96% transaction success rate, successfully processing 22 out of 23 attempts. Core payment processing was fast, running within the industry-standard range of 2-5 seconds. The recorded average end-to-end processing time of 28 seconds across users reflects the full transaction journey, which includes the initiation of the transaction plus the time taken by the buyer to complete the ASE wallet confirmation step. This second confirmation step is an intentional feature of the Interledger Protocol, a trust and security layer designed to protect all parties in the transaction, and is factored into the overall user experience by design.

As a practical note for other builders in the ecosystem: the $ syntax for payment pointers is deprecated in the Open Payments specification. We found that accepting this legacy format in the front-end while programmatically converting it to the standard URI format in the backend is a clean, effective way to handle the transition without breaking the user experience.
(Status: Met, scope-adjusted from original proposal.)

Objective 3: Reference Implementation & Interledger Summit 2025 Demonstration

The GSPEN Marketplace (our reference implementation) is successfully running in our staging environment. We definitively met our objective for the Interledger Summit demonstration. Operating from our staging environment, we successfully executed a flawless live, cross-wallet demonstration in Mexico. Our presentation showcased a buyer utilizing a Chimoney wallet purchasing from a seller on an Interledger Wallet, complete with automated fee-splits and real-time transaction processing. This milestone definitively proved the viability and power of our realigned, wallet-agnostic architecture to the global Interledger community.
(Status: Met)

Objective 4: User Onboarding & Public Launch
We successfully developed a guided seller KYC flow linking to Interledger wallets, which demonstrated an efficient average seller onboarding duration of approximately 37 seconds. We also resolved a critical post-Summit bug that previously prevented sellers from making purchases as buyers. However, the public production launch was not completed within the grant period.

While the backend API was significantly enhanced and hardened during our rigorous post-Summit sprint, finalizing the corresponding front-end Sharetribe integration updates remains pending. These frontend updates, required to resolve onboarding and checkout blockers, could not be completed due to time and resource constraints at the close of the grant cycle. Resolving these blockers is the first priority in our immediate next steps phase, ahead of the GSPEN/CACE Marketplace launch.
(Status: Partially Met - production launch planned as immediate next step)

What We Learned

We entered this grant cycle believing the core challenge was mostly technical: could we route a payment between Interledger wallets through a marketplace, split the fee automatically, and do it without holding custody of funds? We successfully proved that part works.
What we underestimated was the critical importance of the trust layer. As one buyer's open-ended survey response put it, digital payments must address "the risk of fraud and many uncertainties associated with digital transactions." While sellers are eager to adopt the technology, buyers remain cautious; the absence of escrow and dispute resolution mechanisms is a genuine barrier to their participation. An Open Payments plugin solves the seller's problem first, but fully engaging buyers at scale will require the regulated escrow infrastructure we have mapped out for the Post-launch phase.

We also learned that deploying escrow as a service is both a technical and regulatory decision. Offering escrow requires licensing and compliance frameworks that take significant time and financial resources to secure. As a result, we will launch initially with non-escrow dependent marketplace types, such as classifieds and digital downloads, where the risk profile is lower and the need for fund-holding is minimal. However, we recognise that trust must still be actively built in these environments.

Our non-escrow marketplaces will therefore incorporate a range of trust-building mechanisms drawn from industry best practice: verified seller profiles and identity confirmation at onboarding, two-way buyer and seller rating and review systems, a structured dispute and incident reporting mechanism allowing either party to flag a transaction, clear and visible refund and cancellation policies set by sellers at the time of listing, seller response-time indicators to set buyer expectations, a Merchant Performance Module giving sellers visibility into their own reputation metrics, and community moderation tools for marketplace operators to intervene when disputes escalate. Together, these features create a trust infrastructure that protects buyers and incentivises seller accountability, building the foundation of confidence that escrow will later formalise.

Additionally, we learned that while marketplace owners and sellers are digitally savvy, they are largely new to the Interledger network. The system must be built with this learning curve in mind. Clear documentation, "concierge-level" onboarding support, and a highly intuitive, no-code marketplace experience are not just nice-to-haves, they are critical components for driving user adoption.

We also learned valuable lessons about build partnerships. Journey Horizon's contribution was essential to our success at the Summit; their dedicated engineering team and project manager made it possible to deliver a flawless live demo on time, underscoring the value of collaborating with deeply experienced platform experts.

Finally, on the protocol side, the ILF technical feedback was the most valuable external input we received. The prompt to transition our architecture to an Open Payments client fundamentally changed the trajectory of the project, resulting in seamless cross-wallet compatibility.

Communications and Marketing

Our main public advocacy effort during the grant period was the Caribbean Creators Expo (CCE 2025, caribbeancreatorsexpo.com ), held July 26, 2025, and was funded by UNESCO. The event drew 850 attendees, featured 37 creative entrepreneurs, established an active database of 20,000+ Caribbean creatives, and generated 1.54 million in verified social media reach under the theme "Transforming the Creator Economy through Digital Innovation."

A session titled "Getting Paid Global" introduced Interledger Open Payments directly to Caribbean creators. Following CCE, the Jamaica Business Development Corporation (JBDC) issued a formal letter of support for CACE, the upcoming and expanded Caribbean and Africa Creators Expo 2027.

To amplify this advocacy on a digital scale, we executed a widespread outreach campaign, contacting over 5,000 MSMEs via targeted emails to participate in our ongoing MSME Needs Survey. This campaign doubled as a major educational initiative, as our communications directly introduced the Interledger Protocol and Open Payments to a massive new audience of global entrepreneurs.

Furthermore, the Interledger Foundation prominently featured our project in their Grantee Spotlight article, "A Boost for MSMEs with BessPay Plugin's Seamless Payment Solutions." The piece captured how BessPay's wallet-agnostic, local-currency approach tackles the critical bottlenecks of high transaction fees and slow settlements.

Crucially, the spotlight underscored our broader social mission: leveraging Open Payments to make entrepreneurship a viable, cross-border employment pathway, directly addressing the World Bank's projected 800 million global youth employment gap over the next decade.

What’s Next?

Immediate
Resolving the front-end blockers in the Sharetribe seller onboarding and checkout flows is our final hurdle before a production launch. We are working directly with Journey Horizon to implement these critical fixes. To officially launch the GSPEN/CACE Marketplace, a live environment that will put real buyers and sellers on the Open Payments network, our immediate critical path includes: resolving the Sharetribe integration blockers, conducting final end-to-end QA across the full user journey, and providing dedicated wallet onboarding support for our first cohort of sellers.

Over the Next 9 Months
We are launching the Wealth Builder Series ("Earn Global. Live Local") through our professional development division, GSPEN (Global South Professional & Economic Network). This virtual bootcamp program targets creatives and MSMEs aged 18-45 across the Caribbean, Central America, and Africa. It addresses the marketplace "cold-start" problem directly: by equipping sellers with the knowledge, tools, clients, and payment infrastructure they need to transact, the ecosystem generates its own volume. The series also resolves a major practical barrier identified in our research by actively walking participants through the process of setting up their digital payment infrastructure so they can seamlessly receive funds when they secure international clients.

Long-Term Vision
We plan to secure follow-on funding to complete this work and bring it to scale. Our long-term goal is the BessPay Template, a turnkey, no-code solution that allows any MSME to enable Open Payments on their Sharetribe marketplace. Any seller, buyer, or marketplace owner can connect their preferred Interledger wallet and immediately transact cross-border over the Interledger network, free from traditional payment gateways. We are also working towards becoming a fully licensed Account Servicing Entity and Escrow-as-a-Service provider.

Community Support

We welcome the Interledger community's continued collaboration as we move into our next phase. Specifically, we are seeking support in two key areas:

Engineering Support:
If you have experience scaling wallet-agnostic middleware, building on the Open Payments SDK in a marketplace environment, or conducting automated end-to-end testing across a Sharetribe/API stack, we would love to hear from you.

Strategic Connections:
We are actively seeking introductions to stakeholders working on youth employment, digital trade infrastructure, and financial inclusion across the Caribbean, Africa, Latin America, and Southeast Asia. If you are working in this space or know organizations that are, please reach out to connect.

Relevant Links/Resources

BessPay - 2nd ILF Interim Report Narrative

BessPay — Mon, 24 Nov 2025 00:45:09 +0000

BessPay's Demo Presentation | Day 1 @Interledger Summit 2025 in Mexico City : Watch on YouTube https://www.youtube.com/watch?v=yUZZFzAkMRk

Overview

Between July and November 2025, the BessPay team continued building toward a simple but ambitious goal: enabling micro, small and medium enterprises (MSMEs) to get paid quickly, affordably and reliably in their local currency through Open Payments. The BessPay Plugin is being built as a wallet-agnostic Open Payments client for Sharetribe marketplaces, so marketplace owners, sellers and buyers can connect the Interledger wallets that work best for them, without being locked into any single provider.

This period was defined by a major technical realignment, a successful live demo at the Interledger Foundation Summit, and steady progress on research, marketplace design and regulatory planning. On November 5, 2025, the team presented a live demo of the BessPay Plugin at the ILF Summit, showing how the system works end to end in a real marketplace context.

Refocusing on Open Payments, End to End

One of BessPay’s central objectives is to deliver a Sharetribe plugin that acts as a clean, standards-aligned Open Payments client. Over this reporting period, the team re-architected the solution around the official Open Payments TypeScript/Node SDK, with BessPay explicitly taking the role of client and licensed Interledger Account Servicing Entities (ASEs) acting as the regulated fund-holders.

This required stripping out older, Stripe-centric assumptions from the Sharetribe architecture and removing vendor-specific coupling. In their place, the team implemented flows that allow marketplace owners, sellers and buyers to connect any compatible Interledger wallet via payment pointer. The result is a wallet-agnostic integration where BessPay orchestrates payments while compliant ASEs actually hold and move funds. This redesigned client integration is already working and has been tested in a live demo environment.

Building a Reference Marketplace: GSPEN Marketplace

To demonstrate the plugin in a concrete, real-world setting, BessPay is developing the GSPEN Marketplace as its primary reference implementation. This marketplace is focused on digital goods and remote services-creative work, software, online events and similar offerings-where funds can flow without requiring regulated escrow at this first stage.

During the reporting period, the team defined the initial scope for the GSPEN Marketplace and integrated the BessPay Plugin into a Sharetribe template built in collaboration with Journey Horizon, Sharetribe’s premier implementation partner. Data models, onboarding flows and transaction views were aligned with BessPay’s Open Payments logic so the marketplace can fully showcase how Open Payments works in practice. The foundations are now in place, with marketplace launch and MSME onboarding planned for the next reporting period.

Grounding the Design in MSME Reality

Another core objective is to ensure that BessPay responds to real MSME and marketplace needs rather than abstract assumptions. To support this, the team completed a pilot research study combining a focused literature review with structured surveys of sellers, buyers and a marketplace operator.

The findings reinforce the importance of what BessPay is trying to solve. MSMEs are already digitally active, but they face high fees, slow settlement times and limited cross-border options. Respondents consistently emphasised that speed, cost, trust and buyer protection strongly influence their payment choices. They also highlighted the importance of mobile-first user experiences, especially in bandwidth-constrained and mobile-centric regions. These insights are now shaping product decisions, particularly around user experience, refunds, dispute resolution and the later rollout of escrow.

Planning the Path to Escrow and Licensing

Looking ahead, BessPay is designing a phased path toward becoming a regulated provider that can offer Escrow-as-a-Service (EaaS). During this period, the team analysed different escrow options and concluded that per-transaction sub-accounts are the long-term best practice for auditability and user trust.

On top of this technical view, a regulatory roadmap is taking shape. In the short term, BessPay remains strictly an Open Payments client, with no fund-holding. In the medium term, the team plans to pursue PSP/e-money and escrow licensing in priority markets, leveraging regulatory sandboxes where possible. In the longer term, the goal is to expand escrow and wallet services across the Caribbean, Latin America, Africa and other ILF regions. This strategy is now being refined, with regulatory engagement and licensing conversations planned for upcoming phases.

What the Team Built: Core Features and Demo

Figure 1: High Level Architecture

From a feature perspective, July to November was an intense build period. The team implemented the Open Payments client integration with the official SDK and built a Marketplace Owner Dashboard where marketplace operators can connect and verify ASE wallets, configure their fee percentages and split rules, and view early transaction metrics such as sales, fees and volumes.

On the user side, new seller onboarding flows now allow sellers to register, connect payment pointers or wallets, and complete KYC/KYB with their chosen ASE. Buyer onboarding and checkout flows enable buyers to create accounts, optionally link wallets and pay through Open Payments without needing to understand every technical detail underneath. Behind the scenes, BessPay coordinates the Open Payments resources needed for the transaction.

Figure 2: Marketplace Owner Dashboard

The plugin now supports split-payment logic for marketplace fees-for example, directing 97% of a payment to the seller and 3% to the marketplace-within a single coordinated Open Payments flow. Transaction history views for marketplace owners, sellers and buyers give each group the visibility they need into sales and payouts.

Figure 3: Automated Split Fee Payments in Checkout Flow

Strengthening Strategy, Team and Partnerships

Alongside the product work, the team also pushed forward on strategy and partnerships. The MSME pilot research stream was completed, capturing the UX and business requirements that are now feeding into design decisions and further research rollout. Escrow and licensing research advanced in parallel, mapping likely regulatory pathways and the jurisdictions that make the most sense for BessPay’s future as an ASE in the Interledger ecosystem.

Internally, BessPay consolidated a multi-disciplinary team spanning engineering, QA, research, project management, business development and design. Externally, the project deepened its collaboration with Journey Horizon, Sharetribe, the Interledger Foundation technical team and early ASE partners, including Chimoney and others in ILF ASE regions. These relationships are proving critical for both technical correctness and practical adoption.

Communications and Marketing

Telling the Story and Preparing for MSME Outreach

Communications and marketing efforts in this period focused primarily on visibility within the Interledger ecosystem and preparation for MSME-facing outreach. At Interledger Summit 2025, the team not only delivered the live demo but also participated in the Grantee Showcase, where community members could test the flows and ask in-depth questions.

A video interview with ILF was also recorded to explain BessPay’s vision, technical approach and expected impact, and informal networking during the event opened doors with ASEs, marketplace operators and potential pilot partners. Back home, the team began drafting user-friendly guides, FAQs and onboarding materials aimed at marketplace owners and MSMEs. These resources will explain what Open Payments is, how to connect an Interledger wallet, and how fees and payouts work within the BessPay model. In the next period, communications will shift more towards recruiting MSMEs, telling pilot stories and co-marketing with ASEs and marketplace partners.

The Road Ahead: December 2025 to February 2026

Looking forward, the next three months are about finalising the MVP, bringing the GSPEN Marketplace fully online, and laying deeper foundations for support and regulation.

On the product side, the team plans to implement a price-and-currency confirmation modal using Open Payments quote data, tighten error handling and validation for multi-currency and split-payment scenarios, and complete the backend transaction lifecycle so pending, failed and expired states are handled gracefully. Wallet and payment pointer validation will be strengthened, and integration with emerging wallet verification and single sign-on patterns recommended by ILF will be explored to further reduce fraud and increase trust.

On the marketplace front, work will continue on Open Payments checkout for Sharetribe’s Android and iOS mobile apps, alongside deployment of the GSPEN Marketplace for web and mobile users. An initial cohort of MSMEs will be onboarded as sellers across ILF ASE regions, and structured pilots will be run to measure transaction success, settlement times, user satisfaction and key impact metrics.

To better serve MSMEs, BessPay will publish owner and seller guides with clear, step-by-step instructions, integrate a KYB provider into the dashboard to verify marketplace owners, and put in place basic observability and support systems such as logging, monitoring and ticketing. On the regulatory side, research and early conversations will continue in priority jurisdictions across the Caribbean, Latin America and Africa, with a view to designing the practical steps toward Escrow-as-a-Service and an eventual ILF-enabled BessPay wallet after licensing.

Finally, the team will focus on turning Summit interest into concrete pilots, co-marketing campaigns and integration opportunities with ASEs and marketplaces, while preparing a funding and scale-up proposal to ILF and selected financial and development partners for a 2026 production rollout.

How the Community Can Help

The Interledger and broader open payments community has a significant role to play in the next chapter of BessPay. Additional ASEs and wallets willing to integrate and participate in pilots will help prove out the plugin’s wallet-agnostic promise. Marketplace operators and MSME networks ready to run pilots in ILF ASE regions can bring real sellers and buyers into the ecosystem and demonstrate the impact of Open Payments on the ground.

Regulatory and compliance experts-especially those with experience in PSP/e-money, escrow and cross-border payments in the Caribbean and African markets-can help BessPay navigate the licensing landscape wisely. Communicators and storytellers across the community can assist in sharing demo recordings, results, success stories and partnership opportunities through ILF channels and beyond.

Closing

Throughout this period, BessPay has remained aligned with the Interledger Foundation’s mission to make payments more open, inclusive and interoperable, particularly for MSMEs in climate-vulnerable and historically under-served economies across the Global South. The team is committed to delivering a robust, standards-first Open Payments client that lowers the barrier for marketplaces to adopt interoperable payments, using the GSPEN Marketplace as a living lab to refine MSME-focused payment experiences, and sharing what is learned with other builders in the ecosystem.

The project team is grateful for the continued support, feedback and collaboration from ILF staff, fellows, grantees and community members, and looks forward to making the next phase even more collaborative, practical and impactful.

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

BessPay — ILP Summit Reflections

BessPay — Wed, 14 Dec 2022 16:07:47 +0000

Introduction

Douglas Davidson, Founder of BessPay Ltd. reporting:

BessPay is a content monetization and payment service for Caribbean digital creators. It connects creators to Interledger Protocol-enabled platforms and services through Mobile Carrier Billing & other local digital payment solutions.

We aim to enable most Jamaicans and Caribbean nationals with mobile phones to participate in the emerging global digital economy through Content Creation, Web Monetization, and Open Payment Systems.

We attended the Interledger Summit 2022 to learn more about Interledger Protocol, the work being done in its community and to share the BessPay concept with fellow grantees and potential key business partners.

Key highlights about your participation at the Summit

Our daily reflection on the Interledger Summit :

Friday, November 11, 2022 :
We successfully achieved our Expo goals, over 30 persons attended our booth at the Summit’s Cocktail Reception & Expo, learned about the BessPay project and received our bookmarker and business card. Our booth presentation was generally well received, and introductions made to fellow grantees and key participants.

We were very pleased to meet the members of the project team! – Chris, Alex, Vineel, Julaire, Ayesha, Tiffany and Erica, in person after our many virtual conversations and community meetups.

Saturday November 12, 2022
Day 1 of Interledger Summit had 13 Presentations/Workshops. These presentations provided specific information around the short-, medium- & long-term plans for Interledger and Web Monetization. Stefan Thomas’s (Founder of Coil and Co-creator of Interledger Protocol) presentation provided an insightful and broader outlook of plans for Interledger including its application to

Cloud Computing
Neural Networks
Smart Contracts
Peer-Peer transactions

For recollection and more information here is the live stream recording of his presentation: https://www.youtube.com/watch?v=Whp4RfW3K_U (2:19:00 – 3:00:00)

Later in the evening Summit participants attended a colorful and exciting Dinner Party at the Orpheum Theatre. We all had a great time with authentic New Orleans cuisine and the pulsating mix of music delivered by the inhouse DJ.

The party provided additional opportunity to network with participants.

Sunday November 13, 2022
Day 2 of Interledger Summit had again 13 Presentations/Workshops with 7 delivered by previous and current Interledger Foundation Grantees. These presentations provided unique perspectives on the markets they operate in, of special mention was the presentation from Arunjay Katakam who looked at macro solutions facilitating affordable and simple financial services for developing countries.

Arunjay’s talk can be viewed at : https://www.youtube.com/watch?v=85OXEcWrATI (00:08:30 – 00:33:15)

Key takeaways from the Summit

The Summit was well organized with insightful presentations and an overall high-quality production. The format facilitated networking among participants. Summit content provided insight into the direction of the Interledger Protocol.

Day 1 Live Stream : https://www.youtube.com/watch?v=Whp4RfW3K_U
Day 2 Live Stream : https://www.youtube.com/watch?v=85OXEcWrATI
ILP Social Media Content: https://twitter.com/search?q=%23ILPSummit22&src=typed_query&f=top

Our key takeaways were:

Sabine Schaller’s presentation on Rafiki an Open-Sourced Digital Wallet Library provides additional functionality that will be explored by BessPay. Some of this functionality includes:

Sending tips to Creators
Buying things online
Paying subscriptions
Connecting Decentralized Apps to BessPay’s wallet

2.Excited to hear that Google and Apple have invited Interledger’s team to experiment with Web Monetization with the aim of integration to their web kit technology offering. If this is successful, then this will open a lot of additional opportunities for Caribbean Digital Creators.

3.There is a general openness to collaboration, and we are very excited to follow up on all potential business collaboration opportunities started during the Interledger Summit 2022.

The BessPay team is deeply grateful to the Interledger Foundation for sponsoring BessPay’s participation including airfare and hotel accommodation.

We look forward to keeping in touch and sharing our Journey with all participants in the Interledger Community.

Please follow us on our website (https://www.besspay.net )
See you all at the next (2023) Interledger Summit! 😊 .