The Interledger Foundation is delighted to announce we are now accepting proposals for a new cohort of research and development grants for ILP-enabled Financial Services looking to become nodes in the Interledger network.
NGOs, educational institutions, government agencies, companies, and/or other documented collectives across the world with innovative Interledger Protocol (ILP)-enabled ideas and solutions for open payments and financial inclusion are encouraged to apply.
Expanding the Interledger Network
The Interledger Foundation (ILF) seeks to support ideas and people that use the Interledger Protocol (ILP) to contribute to building equity and inclusion within a global interoperable payments network. As an advocate of inclusive digital financial systems, ILF seeks to support the development of consumer-facing services that will activate as ILP nodes making sending money as simple and easy as sending an email. Its ultimate goal is to create an ecosystem that permits frictionless payments and micropayments across currencies and ledgers connecting everyone, regardless of identity, geography, or income.
On this basis, this Research and Development (Phase 1) grant opportunity seeks projects focused on building the following services:
- Digital Wallet Service
- Online Bank
- ILP-enabled Software
Enabling an Innovative and Inclusive Open Payments Ecosystem
If you have a compelling concept for an innovative, open-source solution, you may submit your proposal by completing the Submittable application form for this grant opportunity. Applicants can request funding in the amount of up to $75,000 USD to assess, and evaluate the possibility of developing the proposed solution.
For this 2023 ILP-enabled Financial Services Call for Proposal, applicants can choose between two timeline options, to execute and complete their proposed project:
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.
The firm already has a use case for and can demonstrate ongoing work in producing an ILP-enabled financial service and understanding of the financial requirements and policies governing the proposed service in the respective jurisprudence.
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.
The firm seeks to launch research to develop a compelling case to develop an ILP-enabled financial service. The focus of this opportunity will center around gathering information on the path forward on the financial regulatory policies and rules your service will exist in.
Eligibility & Proposal Requirements
Applicants must be a registered entity, collective, and/or organization. Interledger’s grant is a highly competitive opportunity with structured review processes. As such we encourage applicants to ensure their submissions are well-developed, showcasing an understanding of the problem faced by the underrepresented and underserved populace with connections to the proposed solution and how that enables financial access and inclusion.
All proposals will need to articulate how it intends to develop a dynamic business plan for becoming a node in the Interledger Network along with the following critical deliverables of Phase 1:
- An understanding and path forward on the financial regulatory policies and rules the proposed solution will exist in
- A technology plan on how your project will use the Interledger Protocol
- A practical work plan for producing a prototype including key collaborators
- A preliminary budget for the cost of a prototype phase
This Call for Proposal opportunity will be accepting applications until November 21, 2023, at 11:59 pm (EST); with three review periods based on submissions received. Successful applicants will receive funding and be onboarded to commence projects. Unsuccessful applicants will have the opportunity to revise submissions and resubmit for review in a subsequent review period.
We will hold several information sessions on a monthly basis, at varying time zones, where we will walk through the application, share useful tips for applying, and answer questions. You may attend any or all at your convenience. These sessions will be recorded and shared publicly once completed. For the month of June, we will convene an Info Session on Tuesday, June 27, 2023, at 2:00 pm (EST). You may sign up here to join us.
We will maintain a running schedule of Info Sessions and communicate the timeslots via various communications channels. Stay tuned for more details on the Interledger Foundation’s website and community forum for more information. All are welcome to the Interledger Slack and join the specific #cfp-financial-services channel or reach out to us at email@example.com if you have any questions about this grant opportunity.