#ilpsummit23 — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #ilpsummit23, aggregated by home.social.
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Closing reflections from the @Interledger Summit 2023 from #diverse perspectives, including Saloni Garg, Carlos Villasēnor, Eunice de Asis, Malou Lintmeijer, Savannah Koolen, Neha Arora, AJ Proc and Santosh Viswanatham.
We need to come together to share openly, as we don't know what we don't know.
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“The Waterworks of Money” is the 18-minute financial education every citizen should watch to understand how their central banks are failing them.
This should win the next Oscar for best documentary short.
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Why did @Interledger fund artists with its Future|Money Grant?
There is a need to imagine a better future. Artists historically have been great at doing that.
Artists explore societal connections and power structures with critical eyes.
~“You don't get innovation without involving a myriad of experiences.” —Kokayi Walker
“In order for there to be innovation, there has to be imagination.” —Hollis Wong-Wear
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~“Big banks don’t go to rural areas. Fintechs lose price advantage to serve them. We have face-to-face loyalty.” —Elizabeth Campos
~“Microbanks provide adapted services. The microbanks are part of the community. We can place technology in communities. New fintechs are just in the cloud.” —Isabel Cruz
“Financial inclusion can’t happen without empowerment of the payers.” —Isidro Tzunún
“What is financial inclusion if we don’t have economic inclusion?” —Juan Carlos Urgilés
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Isabel Cruz Hernandez, CEO of Mexican Association of Social Sector Credit Unions, connected biodiversity, climate change, and social justice to financial inclusion.
Indigenous groups tend to be in extreme poverty. In México, 180k rural communities with <500 people responsible for most of the country’s agriculture. Commercial banks can’t serve them with their small, irregular income.
AMUCSS supports the creation and integration of community microbanks.
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Raw reflections from Day 1 of #Interledger Summit from #Indigenous and #Disabilities delegates, including Neha Arora, Art Proctor, Henry Jake Foreman, Chitinthi Tembo, Stephanie Perrin, Saloni, and Raashi Saxena.
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al-ʾUrdunn’s financial services strategy started with a focus on digital payments because everyone makes and receives money on a regular basis.
To gain adoption, women were recruited to do proactive outreach to other women, youth to other youth, and especially in more remote areas.
Digital payments were essential to bringing down transaction cost. Cash cost its central bank $350/per person/per year. CliQ app cheaper than cards.
—Maha Bahou, CEO of JoPACC
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700 years ago, the first bank as we know banks started in Firenze, Italia. So many advancements in human technology since then, but only 24.6% of people in al-ʾUrdunn (Jordan) had financial access in 2011.
Women, forcibly displaced people, youth, the poorest the least represented.
Raised it to 47.1% by 2021. Gender gap reduced 53% to 32%. First central bank to make formal commitments to refugee financial access.
—Maha Bahou, CEO of Jordan Payments and Clearing Company (JoPACC)
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Day 2 of #ILPSummit23 starting off with some charango music. 🎶
Live stream on now at https://www.youtube.com/watch?v=oNDf-kYxaYM
I’m going to be live tweeting again, so feel free to mute this conversation or hashtag if I'm flooding your timeline. 😘
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Amazing kick off to #ILPSummit23
Briana, our President and CEO spoke, as well as Stefan Thomas our co-inventer!
Watch the replay here ▶️ https://www.youtube.com/watch?v=qmjeQb79mwQ
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Expecting finance bros? How about a multinational, all-women, feminist drum line instead. #ILPSummit23
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Not your typical finance nerd conference. #ILPSummit23
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I have met so many fascinating, compassionate, brilliant people in the last 2 days who really, really care about fixing the global financial system for historically marginalized groups. #ILPSummit23 is one of the best curated conferences I’ve ever attended.
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Pix in Brasil is an excellent example of rapid adoption and economic benefit of digital payments facilitated by a central bank. Fast, secure, free for individuals, much lower cost to merchants than credits cards. Businesses saved over a billion USD equivalent in the first year!
—Helena Tude & Patrick Rahy
No cryptocurrency needed. Just innovative central bank using readily available technology and the will to do the hard work.
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Another audience cryptocurrency question…
Financial regulations exist to protect people.
Cryptocurrencies might be faster and cost less on the transaction, but they provide no protection for people and enable fraud and monetization of crime, which harms society as a whole.
Some people seem to forget how much people got ****ed over before effective financial regulations.
/rant
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We need to bring down cross-border payment costs to the same within borders. Goal is no more than 1% of a transaction.
—Jayshree Venkatesan, Senior Director, Consumer Protection & Responsible Finance
Current cross-border payment fees are often >15%.
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~“Regulators can no longer regulate simply with policy. They need to regulate innovation with innovation. They need to take the risks, increase internal capabilities, rely on technology more in order to regulate the environment. They’re going to have to be more flexible.” —Shelley Anderson, Program Director, Alliance for Innovative Regulation
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Central banks right now are struggling just to keep economies going during much civil unrest worldwide.
Central banks and regulators struggle even more with the surge in new financial products, different business models, and new technologies. All require regulators to acquire skills they don't traditionally have and don't have capacity to deal with at the moment.
— Shelley Anderson, Program Director, Alliance for Innovative Regulation
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Sanctions screening (regulatory requirement) is one of the biggest delays in real-time cross-border payments. When there is a flag, it must be manually reviewed.—Bruna Cataldo, Head of Research, Propague Institute discussing experience in Brasil
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Great question from the audience: Can we engage with Universal Postal Union to establish them as new financial institutions?
They have a trusted institutional presence in every country. They need a way to stay relevant, supplement revenue. They would have more motivation than many established financial institutions in expanding services to underbanked people. Reminds me of Senator Elizabeth Warren’s (unadopted) plan to establish a postal bank in the US.
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If you are not interested in my live tweets from the #ILPSummit23, tap the "mute conversation" option under the kebob (…) menu.
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The Interledge ecosystem in general is cryptocurrency avoidant, but it is supported in the protocol as long as there are financial service provider nodes willing to process such a payment.
For the purpose of developers experimenting with the protocol, it is useful as a proxy for how fiat currency exchanges work.
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Interledger is the magical protocol for money. It's like TCP/IP. There’s no built-in token, no crypto pyramid scheme. —Stefan Thomas, co-creator of the Interledger Protocol
ILP has a high entry barrier. Dassie is a new project for developers who wanted to get involved with the protocol, but couldn't because they lived in a country not yet served by a financial provider. It provides automatic discovery, automatic peering, automatic settlement.
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“Interledger is more than a protocol. It’s a vision where money and value flows seamlessly across borders.” —Briana Marbury, President @Interledger
The foundation issued $14M in grants to people in 40 countries in 2023 (including me!) to expand access to digital financial services.
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Big @Interledger tech initiatives in the last year:
• expanding documentation, unified across all open source projects and specs
• test network to simulate Interledger-enabled nodes peered with each other, test wallets, and an open payments e-commerce demo app
• new NodeJS SDK for using open payments API spec
• new Web Monetization spec based on open payments, a new browser extension, and working with browser makers on experimental implementation
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1.4 billion people are still excluded from digital financial services.
@Interledger’s mission is to grow the global financial ecosystem to be more fair, inclusive, and interoperable for people who haven’t yet benefited from the digital transformation of payments.
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The @Interledger Summit is kicking off in Costa Rica! Follow along in the fediverse with #ilpsummit23
I will be presenting my work as a grantee in about 6 hours.
Check out the live stream at https://www.youtube.com/live/qmjeQb79mwQ?feature=share
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I took a few pictures of my #WakeUp calls at the Marriott Belen in #CostaRica as they sang out to me this morning.
Correct me if I am wrong, but I believe they are: a Crimson-Fronted #Parakeet, a chatter of Crimson-Fronted Parakeet, silhouetted Red-Billed #Pigeons and Inca #Doves, and a Melodious #Blackbird.
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#GoodMorning #CostaRica!!! Mucho gracias for this spectacular view, @Interledger and Marriott Belen! We’re in love with #PuraVida!