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SINGAPORE, April 18, 2023 /PRNewswire/ The Mexican Association of Credit Unions of the Social Sector (AMUCSS), the People's Clearinghouse, and ThitsaWorks have signed a Memorandum of Understanding (MOU) to cooperate in the delivery of a cross-border remittance platform for the US-Mexico corridor, focusing on rural migrant laborers. The platform will use open-source software from the Interledger Foundation and Mojaloop Foundation, specifically, Rafiki and Mojaloop's Cross Network Provider. Many community banks in Mexico face technical limitations that prevent their customers from connecting to the Interbank Electronic Payment System (SPEI) through their own (nostro) accounts, leaving them no choice but to rely on non-transparent intermediaries to connect to other banks' (loro) accounts. Without the ability to directly connect to SPEI, remittances to beneficiaries living in rural Mexico arrive in cash, which is both expensive and risky. To address this issue, AMUCSS has pur

Andres arauzIsabel cruz hernandezInterledger foundationMojaloop foundationMojaloop cross network providerMexican associationSocial sectorAcross networkInterbank electronic payment systemCruz hernandezNyein ayeApril 18023 prnewswire the mexican association of credit unions social sector amucssHe people 39s clearinghouseNd thitsaworks have signeda memorandum of understanding mou to cooperate in the delivery ofa cross border remittance platform for us mexico corridorOcusing on rural migrant laborers the platform will use open source software from interledger foundation and mojaloop