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Interledger Foundation
The Interledger Foundation is a US-based nonprofit corporation and standards organization established in 2019.
Its mission is to foster global digital financial inclusion and equitable access to the digital economy through the development and promotion of the Interledger Protocol, a payment interchange standard.
Stefan Thomas and Evan Schwartz published a whitepaper in October 2015 titled “A Protocol for Interledger Payments” while working at Ripple Labs. The document described a communication protocol to enable interoperable payments by acting as a universal translator among different financial networks. The Interledger Protocol was modeled after the Transmission Control Protocol/Internet Protocol (TCP/IP), the foundational technology behind the Internet’s ability to transmit data across diverse networks.
In 2015, the World Wide Web Consortium (W3C) hosted the Interledger Payments Community Group. Members included representatives from Ripple Labs, the National Association of Convenience Stores, the Federal Reserve Bank of Minneapolis, and American Express. The group discussed using Interledger Protocol to solve the compatibility issues between global payment networks that inhibited a standardized approach to implementing payments in a web browser. The HTTP 402 “Payment Required” status code was reserved in 1997 to indicate digital content is accessible only after a payment is made, but remained largely unused due to the global fragmentation in digital payment methods.
On 6 July 2016, the first payment using the Interledger Protocol was transmitted between two different ledgers, the Bitcoin ledger on Bitstamp and the XRP ledger on GateHub.
In July 2017, the Bank of England carried out a successful test of the Interledger Protocol. This test transaction synchronized payments between the central bank’s core Real-Time Gross Settlement system with a similar core system used by another central bank. The test demonstrated that the Interledger Protocol could reduce the time it takes to settle a large cross-border payment from four days to “a few seconds” and be used by non-cryptocurrency ledgers.
In October 2017, the Bill & Melinda Gates Foundation released the Mojaloop open-source software for financial service providers in developing countries. Mojaloop implemented the Interledger Protocol to provide interoperability between digital financial services and payment platforms.
In 2019, Coil Technologies, Inc. and Ripple Labs established the Interledger Foundation to be a vendor-neutral forum for the continued development of the Interledger Protocol. The first Interledger Summit was held in San Francisco in June.
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Interledger Foundation
The Interledger Foundation is a US-based nonprofit corporation and standards organization established in 2019.
Its mission is to foster global digital financial inclusion and equitable access to the digital economy through the development and promotion of the Interledger Protocol, a payment interchange standard.
Stefan Thomas and Evan Schwartz published a whitepaper in October 2015 titled “A Protocol for Interledger Payments” while working at Ripple Labs. The document described a communication protocol to enable interoperable payments by acting as a universal translator among different financial networks. The Interledger Protocol was modeled after the Transmission Control Protocol/Internet Protocol (TCP/IP), the foundational technology behind the Internet’s ability to transmit data across diverse networks.
In 2015, the World Wide Web Consortium (W3C) hosted the Interledger Payments Community Group. Members included representatives from Ripple Labs, the National Association of Convenience Stores, the Federal Reserve Bank of Minneapolis, and American Express. The group discussed using Interledger Protocol to solve the compatibility issues between global payment networks that inhibited a standardized approach to implementing payments in a web browser. The HTTP 402 “Payment Required” status code was reserved in 1997 to indicate digital content is accessible only after a payment is made, but remained largely unused due to the global fragmentation in digital payment methods.
On 6 July 2016, the first payment using the Interledger Protocol was transmitted between two different ledgers, the Bitcoin ledger on Bitstamp and the XRP ledger on GateHub.
In July 2017, the Bank of England carried out a successful test of the Interledger Protocol. This test transaction synchronized payments between the central bank’s core Real-Time Gross Settlement system with a similar core system used by another central bank. The test demonstrated that the Interledger Protocol could reduce the time it takes to settle a large cross-border payment from four days to “a few seconds” and be used by non-cryptocurrency ledgers.
In October 2017, the Bill & Melinda Gates Foundation released the Mojaloop open-source software for financial service providers in developing countries. Mojaloop implemented the Interledger Protocol to provide interoperability between digital financial services and payment platforms.
In 2019, Coil Technologies, Inc. and Ripple Labs established the Interledger Foundation to be a vendor-neutral forum for the continued development of the Interledger Protocol. The first Interledger Summit was held in San Francisco in June.