Last May, the Interledger Foundation launched its Call for Proposal for ILP-based Financial Services as it sought to catalyze more financial service nodes in the Interledger network. Twelve (12) projects spanning eleven (11) countries were granted funding to create a variety of financial services to influence a more inclusive financial landscape globally.
Building on the successes of a thriving 2022 cohort, the Interledger Foundation is pleased to announce its intent to launch a 2023 Call for Proposals for ILP-enabled Financial Services to support the research & development of more consumer-facing services that will activate as ILP nodes. More specifically, the grant will support the following services: Digital Wallet Service, Online Bank, and other ILP-enabled Software with the following characteristics:
- Enables money to be transferred on the ILP network.
- Permits issuing and housing accounts for individuals and organizations.
- Using an Electronic Money Institution license for the region, community, or use case projects will serve.
- Is designed for interoperability across systems and currencies.
- Is dedicated to open-source knowledge sharing as a contribution to the emerging ecosystem.
ILF remains steadfast in its approach to achieving its mission of advancing open payment standards and technologies that seamlessly connect our global society. Through this opportunity, ILF will enable more Interledger-driven business models and facilitate players in the ecosystem or further initiatives that build equitable financial access and inclusion through the Internet. To facilitate varied innovative projects, applicants will have more time to submit their applications and the flexibility to apply for a timeline that best suits their needs.
The 2023 Call for Proposals will offer applicants a two-track option to select the best timeline needed to execute their research and produce a dynamic business plan for becoming a node in the Interledger Network. The timelines are as follows:
- 3 months: A fast-track option for entities already working on a financial service but require a financial boost to conduct research to enable its ability to move to prototype.
- 6 months: _ A slower approach that will give applicants the time to develop and conduct a full research project looking at many aspects of a potential solution._
All awardees can request funding in the amount of up to $75,000 USD. The application for this opportunity will open on June 21, 2023, through November 21, 2023. Applications will be accepted on a rolling basis. This grant opportunity is the first of a three-phase program, on completion of the research and development phase, awardees will potentially have the opportunity to apply for the other phases.
The Interledger Foundation (ILF) and its community are building pathways to financial access and opportunity across the world. We support people and ideas that use the Interledger Protocol (ILP) to contribute to an open payments network built on equitable access through the Internet.
Stay tuned for more details on this and other grant opportunity on the Interledger Foundation’s website and community forum. All are also welcome to join the Interledger Slack and #cfp-financial-services channel or reach out to us at email@example.com if you have any questions.