London, 11th February 2022 - RedCompass Labs has joined Mojaloop Foundation as a Promoter-level member. This will support RedCompass Labs’ mission to open the doors of finance to all and protect those who enter.
RedCompass Labs is a specialised technology-enabled payments consultancy focused on both the good and bad sides of payments. “We believe that payments underpin commerce,” says Tom Hewson, “and when commerce is inclusive, prosperity increases for all. Prosperity must be fairly accessed, and when it is, it brings stability to society and nation-states. Therefore, payments and financial inclusion are key pillars of a fair, peaceful, prosperous society.”
These objectives align perfectly with Mojaloop Foundation’s mission to increase financial inclusion. It seeks to achieve this by empowering organisations to create interoperable payments systems with Mojaloop open source software, in turn enabling digital financial services for all. Mojaloop acts as an accelerator for instant push payments interoperability infrastructure, empowering nations to make their payment models more inclusive by connecting all – central banks, digital financial providers, merchants and citizens – to the digital economy.
As part of the Mojaloop community, RedCompass Labs will work to allow banks, mobile network operators (MNOs), microfinance institutions (MFIs), and payment service providers to leverage Mojaloop to develop inclusive, accessible and affordable payment systems and services.
Comment from Tom Hewson, Partner of RedCompass Labs:
“With RedCompass Labs’ mission “to open the door of finance to all”, partnering with Mojaloop was a fantastic opportunity to both support a like-minded organisation and actually fulfil our mission in a tangible manner. Mojaloop’s vision to develop technology that drives financial inclusion through payments system interoperability across telecoms, blockchain and bank payments is truly innovative and practical. And that is why we decided to sponsor Mojaloop and also dedicate some of our best payments expert to the open-source project, convinced that their deep expertise and experience can accelerate the delivery of Mojaloop’s product and make it future-proof. We are very excited by this partnership and our experts can’t wait to roll up their sleeves and get going!”
Comment from Paula Hunter, Mojaloop Foundation Executive Director:
“We are very pleased to welcome RedCompass Labs. We look forward to working with them to advance Mojaloop as a digital public good in support of financial inclusion,” said Mojaloop Foundation Executive Director Paula Hunter. “Our collaborative work will enable emerging economies to provide important financial tools to more of their population.”
Note to editors
About RedCompass Labs
RedCompass Labs helps financial institutions deliver profitable, secure, end-to-end payments and financial crime services and solutions.
Our team provides advanced production data-based payments and financial crime testing technology. We use advanced AI, data analytics, and experts to provide delivery-focused consulting, managed services, and world-class workshops on a vast array of subjects, including the Future of Payments and ISO 20022.
We have also developed the RedCompass Labs RedFlag Accelerator, the global point of reference of modern slavery, human trafficking, and child sexual exploitation red flags for the financial industry. The RedFlag Accelerator won the PayTech For Good Award and Themis Anti Financial Crime Innovation Award.
Today, RedCompass Labs supports its clients from its five offices in London, Warsaw, Antwerp, Singapore, and Tokyo.
RedCompass Labs is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business.
Read more about RedCompass Labs at: https://www.redcompasslabs.com/
Read more about RedCompass RedFlag Accelerator at: www.redflagaccelerator.com
About Mojaloop Foundation
The Mojaloop Foundation’s mission is to increase financial inclusion by empowering organizations creating interoperable payment systems to enable digital financial services for all. Sponsor-level members include the Bill & Melinda Gates Foundation, Coil, Google, ModusBox, Monetary Authority of Singapore, Ripple and The Rockefeller Foundation. To achieve its mission, Mojaloop Foundation operates as a 501(c)(3) charitable nonprofit organization, maintaining its free, open source software, Mojaloop, and community as public goods in the service of financial inclusion. Merchants, banks, providers, government offices and other entities looking to build inclusive payments platforms can use Mojaloop – whole, adapted, or as a real-time payments reference model. For more information about the Mojaloop Foundation, visit https://mojaloop.io/ or via Slack, Email, LinkedIn and Twitter.