The Interledger Foundation (ILF) supports ideas and people that use the Interledger Protocol (ILP)to contribute to an open payments network built on equitable access through the Internet. In an effort to enable communities that are building pathways to financial access and opportunity across the world, the Interledger Foundation launches its  ILP-enabled Financial Services Call for Proposal which seeks to fund programs that will catalyze more financial service nodes in the Interledger network.
Through this grant opportunity, Interledger seeks to support the development of consumer-facing services that will activate as ILP nodes; some of these include digital wallets, mobile money providers, banks, and neo-banks.
In this regard, the Research and Development (Phase 1) grant opportunity seeks  projects focused on building one of the following services:
 

• Digital Wallet Service 
• Online Bank
• ILP-enabled Software

All project plans will need to consider:
 

• How they will enable money to be transferred on the ILP network
• Planning to issue and house accounts for individuals and organizations
• Knowledge about the Electronic Money Institution or similar regulatory frameworks for the region, community, or use case projects will serve
• Plan for interoperability across systems and currencies
• Commitment to open-source knowledge sharing as a contribution to the emerging ecosystem

The 2023 Call for Proposals will offer applicants a two-track option to select the best timeline needed to execute their research and produce a dynamic business plan for becoming a node in the Interledger Network. The timelines are as follows:
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.

All awardees can request funding in the amount of up to $75,000 USD. The deadline to submit your application is November 21, 2023, at 11:59 pm (EST). Applications will be accepted on a rolling basis.
This is the first phase of a three-phase program and awardees will potentially have an opportunity to apply to the Prototyping Phase. The goal of this first round will allow successful applicants to produce a dynamic business plan for becoming a node in the Interledger Network.
All proposals will need to articulate:
 

• A compelling use case for an ILP-enabled financial service that understands the problems and opportunities it aspires to solve
• An understanding and path forward on the financial regulatory policies and rules your service 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

We need new voices and ideas in the Interledger Network

We want to ensure that these financial innovations are coming from and created outside the typical locales and demographics. We seek to support communities that have – and continue to be – systemically and deliberately excluded from financial access and empowerment opportunities. For this CFP, we will increase the scoring of the following criteria in our judging process:
 

• Projects located in and serving geographical locations outside North America and Western Europe
• Projects, where a lead applicant is a person of color or the team, represents a diverse group of people
• The output of the team benefits communities that have been historically underrepresented.
• Funds are explicitly budgeted to address the increasing participation of historically marginalized and underrepresented communities.

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. You may watch the recording for the first Info Session held in June which features a presentation on the overview of the grant opportunity. We will convene several Q & A sessions, where you can meet with the Program Team to ask your questions on the requirements and applications. You may sign up here to join us. 

All are welcome to the Interledger Slack and join the #cfp-financial-services channel or reach out to us at programteam@interledger.org if you have any questions about this opportunity.