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ThitsaWorks, the People’s Clearinghouse & AMUCSS Partner for Cross-border Remittance in rural Mexico

Updated: May 31, 2023

Singapore, 18 April 2023

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 pursued the creation of the People’s Clearinghouse to establish a cross-border payment clearinghouse that will leverage AMUCSS’s existing network of 140 mainly rural community banks (SOFINCOS) and a broader network of saving cooperatives (SOCAPS), and connect them to SPEI and other payment networks. This initiative will provide a fast and low-cost account-based entry point for remittances to rural communities and contribute to the reinvestment of liquidity for community development.

ThitsaWorks, with extensive experience in similar projects – including WynePay interoperable payment switch in Myanmar and the cross-border remittances platforms for the Singapore-Philippines and Singapore-Myanmar corridors – will provide non-binding technical and operational advice for the successful implementation of this project. Utilizing their deep payment expertise, financial services insights, and hands-on operational and development expertise of the Mojaloop platform, ThitsaWorks’ technical assistance will cover establishing operational procedures and developing a framework for scheme rules, risk management, dispute resolution, and business continuity.

Andres Arauz, CEO of the People’s Clearinghouse, said “The US-Mexico remittance corridor is the world’s largest. But remittances are still cash-based and very expensive. The People’s Clearinghouse is working with the Mojaloop community from across the world to put open innovation at the service of true financial inclusion - the empowerment of communities and their locally governed financial institutions. We appreciate ThitsaWorks’ real-life experience and advice in making this happen.”

Isabel Cruz Hernandez, CEO of AMUCSS, added, “Four decades of experience in contributing to local communities and a network of 140 community banks are what AMUCSS brings to the table. We are looking forward to the extensive network of collaborators and a swift authorization process to turn remittances into deposits and to put those savings to work for broader community development.”

Nyi Nyein Aye, CEO of ThitsaWorks, stated, “We are thrilled to collaborate with the People's Clearinghouse and AMUCSS, offering technical and operational advice to facilitate the successful implementation of this significant initiative. Our insight and experience with Mojaloop will aid in the development of operating procedures, scheme rules, and risk management frameworks.”

AMUCSS and the People’s Clearinghouse will launch its project roadshow to payments experts, government officials, regulators and the broader community and cooperative financial sector on April 25.

About ThitsaWorks:

ThitsaWorks is a FinTech that provides digital payment and data analytics solutions for financial institutions to transact, collect, manage and analyze data needed to run effective operations and manage risks. ThitsaWorks’ data-driven solutions help financial institutions grow and make better credit decisions, and improve financial inclusion by providing users with access to financial literacy, financial information and appropriate financial products. ThitsaWorks’ solutions include core banking software, microfinance data sharing platform, digital financial literacy platform, and interoperable payment switch platform. For more information about ThitsaWorks, visit


The Mexican Association of Credit Unions of the Social Sector (AMUCSS) is a non-profit community-banks-owned organization that assists small marginal communities, helping them create their local community bank. In this way, AMUCSS has built a network of more than 140 community banks led by local leaders and organizations. For more information about AMUCSS, visit

About the People’s Clearinghouse:

The People's Clearinghouse is a social innovation entity to benefit the broader public, specifically rural and indigenous people who have organized themselves into community banks or co-ops. Millions of co-op account holders have been historically excluded from the Mexican payment system. With the People’s Clearinghouse, remittances will be faster, inexpensive and -above all- reinvested in their local communities. The People’s Clearinghouse will be regulated by Mexico’s central bank.

For more information about the People’s Clearinghouse, visit


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