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  • How does this relate to other Central Bank of Myanmar (CBM) payment projects?
    The CBM projects are focused on bank transactions with some wallet transactions, primarily account-to-account and in the future merchant payments. The WynePayPlatform will be focusing initially on MFI-related transactions, although it could manage those in real-time as well. The platform will be designed to be interoperable and complement (not compete with) any CBM or other payment system platform.
  • How do I connect my institution’s systems to the WynePayPlatform?
    As the WynePay Platform is a real-time payment system, an API-based integration is required between your system (e.g., core banking, middleware) and the WynePay Mojaloop Platform. WynePay has software and technical assistance to help your organization connect. The WynePayteam will guide your business and technology teams through the process. Once fully scoped, integration and testing typically takes less than three weeks.
  • What are the payment flows – clearing, reconciliation, and settlement?"
    It is useful to separate the payment into two different steps: 1) clearing and 2) reconciliation and settlement. The WynePay Platform is a real-time payment system so clearing (i.e., updating customer balances) is done in real-time. WynePay uses push payments – i.e., payments are initiated by the payer. The exact payment flow depends on the use cases. Reconciliation and settlement is performed post hoc in batches, referred to as “settlement windows”. Reconciliation is done by each financial institution as part of settlement, which itself involves the movement of funds between the accounts of financial institutions in settlement of liabilities incurred during a settlement window. While Mojaloop is capable of handling real-time settlement, WynePaywill start with a once per day settlement model, with a goal of increasing the frequency in the future.
  • What technology is being used?
    WynePay Platform uses Mojaloop, a free and open-source payment system. Mojaloop offers many technological (e.g., microservices, distributed security) and business advantages (e.g., local ownership) compared with legacy payment systems. The Mojaloop Foundation, a charitable nonprofit organization, oversees the Mojaloop software.
  • Who owns the WynePayPlatform?
    The Scheme Owner is the entity that owns the payment scheme, sets the rules, and owns the platform (“The Hub”). The Scheme Operator commissions the Hub Operator to operate the Hub, including the business and technical operations, and to maintain the connections with member financial institutions. The Scheme Owner is yet to be determined. The plan is for the scheme participants (i.e., connected financial institutions) to govern the scheme. An interim governance structure has been established to guide the decision-making process. The Scheme Council is leading the rules building process including the identification and establishment of a Scheme Owner. The Hub Operator is ThitsaWorks, the leading provider of technology services to MFIs. ThitsaWorks also operates the Myanmar Microfinance Credit Information Exchange (MCIX), an industry-wide data sharing initiative with 50+ MFIs. MCIX is a model for the WynePayproject in that it aims to establish public-good technology infrastructure that supports financial inclusion.
  • Who can participate in WynePay?
    Any regulated microfinance institution (MFI), bank, or wallet (telco or bank-led) committed to the scheme goals is welcome to take part in the WynePay platform.
  • Who will provide settlement services?
    WynePay is still selecting a commercial settlement bank. Participating financial institutions will be required to maintain a liquidity account at the to-be-selected settlement bank. Initially, WynePaywill use one settlement bank with the goal of adding additional banks in the future in order to increase resilience.
  • Who funds and leads the project?
    The Bill & Melinda Gates Foundation has provided initial investment capital to the United Nations Capital Development Fund (UNCDF) and ModusBox to create the scheme and set up the technology. In the long-term, UNCDF and ModusBox will NOT own and operate the WynePayScheme. All responsibilities and operations will be handed over to the Scheme Owner and Hub Operator. ModusBox, as a fintech, plans to provide long-term support to the Hub Operator and participating financial institutions as required.
  • What does it cost to join WynePay?
    WynePay will be operated as a not-for-loss utility with revenue to cover the costs of operating the service. The WynePayteam and Scheme Council are still determining the participation costs for each financial institution (i.e., annual fee, transaction fee, hybrid). The best way to influence the cost is to become an active participant in the project.
  • What is the pricing?
    Pricing is determined for each use case by the participating financial institutions in WynePayand will be designed to encourage usage, minimize cost to the users, and achieve sustainability. Pricing can be changed by the participants if the initial pricing model does not drive adoption or sustainability as desired (or if it’s bringing in too much revenue and we need to lower the price!) Pricing decisions are currently being made by the scheme participants for the Loan Repayment use case, so if you’d like to have input, please contact us to join the scheme as soon as possible so you can have a vote!
  • Who are the other participants?
    The number of participating financial institutions is always growing. As the purpose of an open-loop payment system is to drive down costs through a shared utility, if you don’t see the logo you’re looking for, encourage them to join!
  • What is the settlement process?
    WynePay uses multilateral net settlement. In the beginning, settlement will be processed on a t+1 basis, however, settlement will be more frequent in the future. More information on the settlement process and requirements can be found on the settlement page.
  • What is ModusBox’s role?
    ModusBox’s responsibilities include setting up the WynePaysystem, creating the operating guidelines, arranging settlement services, and connecting financial institutions.
  • What is UNCDF’s role?
    UNCDF is leading work on regulatory compliance, scheme governance, digital financial literacy, and partner engagement.
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