The Interledger Foundation, an organization building and advocating for an open, interoperable payment network, announced its work with the People’s Clearinghouse, a social sector tech platform that services community banks and credit unions in Mexico. Together, they will implement new cross-border payment infrastructure to facilitate remittances between U.S. and Mexican residents via community banks in rural areas. Their initial work will provide streamlined cross-border payment capabilities to the 140 community banks that belong to the Mexican Association of Social Sector Credit Unions (AMUCSS)—a network of community banks in rural Mexico. The new payment infrastructure will ultimately serve as a blueprint that can be deployed worldwide to serve other under-banked and rural populations.
For U.S.-based Mexicans, using private money transfer services to send money to recipients in Mexico often comes with high fees, high minimums, and prolonged wait times. It also does
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