Ripple led Payments Coalition aims to standardize payments

by | Jun 18, 2020

Key points:

  • Industry leaders launch PayID.
  • PayID unites the closed payment networks that exist today and standardizes payments.
  • PayID will enhance RippleNet and On-Demand Liquidity.

Today, on June 18, leading technology, finance, and nonprofit companies joined forces to announce the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency. GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps, and others collaborated on the development of PayID through the Open Payments Coalition, a multinational alliance of industry leaders.

About PayID

PayID brings together companies across all industries with an open solution for payments, marrying traditional finance, and the new world of fintech under one standard. More than 40 global companies and nonprofits reaching more than 100 million consumers worldwide have joined the Open Payments Coalition to break down the proprietary silos and standards that exist in payments, accelerate the adoption of digital payments, and change the way money is sent around the world today.

Looking at the founding members of PayID, one can easily identify that most of them are already members of the XRP ecosystem. Custodians, exchanges, Xpring funded companies, and money transfer companies that use XRP or RippleNet teamed together to create the first global solution to address the biggest pain point in payments, uniting the many, closed payment networks that exist today.

PayID allows individuals to send and receive money across any payment network using an easy-to-read address versus one that’s awkward and unintuitive – such as a bank account, routing, or credit card number. Most have experienced the frustration and inconvenience of sending money between different bank accounts or payment apps — with PayID, sending money is as simple as sending an email directly to friends and family, no matter which provider is used.

Image source: https://payid.org/

Whether a bank, payment provider or processor, digital wallet, or remittance provider, PayID is designed for any business that sends or receives money. Implementing PayID is simple, and makes it possible for companies to access more networks, consumers, and currencies to expand their businesses globally.

PayID was built for all – it’s open-source, free, and simple to integrate with the security and privacy that everyone from large financial institutions and global nonprofits, to ride-hailing apps and neobanks require. In addition, it provides an end-to-end Travel Rule compliance solution for satisfying both FinCEN requirements and FATF recommendations.

PayID and Ripple

According to a Ripple announcement, PayID will enhance RippleNet, Ripple’s global payment network. RippleNet is integrating PayID to bring further interoperability into cross-border payments. The mission and work of the Coalition aligns with Ripple’s founding vision—enabling the world to move value like it moves information today, a concept known as the Internet of Value (IoV). 

RippleNet and RippleNet’s On-Demand Liquidity (ODL) service, combined with the power of the Open Payments Coalition’s efforts, are transforming global payments for everyone, everywhere.

By enabling a world where money moves as easily as information, PayID drives digital payments forward, simplifying global payments for all and brings the world one step closer to realizing the IoV. Ripple is proud to be among this coalition of industry leaders helping to establish this much-needed open standard for interoperability so that IoV can become a reality. 

XRPL LabsXUMM is one of the four first wallets with PayID support from day one. PayID is also integrated into Xpring SDK.

Ripple has recently launched RippleNet Cloud, making it easier, faster, and cheaper for companies to join RippleNet.

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