Ripple joins over 40 global companies as a member of the newly formed Open Payments Coalition launching PayID
The world is growing so much that we can deliver instant messages or payments. But imagine if there were one day the world grew to the point of sending payments seamlessly, such as sending an email or text, we would all send multiple payments quickly and efficiently worldwide. Therefore, to achieve this vision, Ripple joined over 40 global companies and nonprofits as a member of the newly formed Open Payments Coalition launching PayID, the universal payment identifier.
Together with over 40 global companies and nonprofits, Ripple joins the Open Payments Coalition to help drive innovation forward and simplify global payments for all. Discover the coalition’s #PayID, an exciting step for global interoperability. https://t.co/LU0WcxDftV
— Ripple (@Ripple) June 18, 2020
Ripple is integrating PayID to bring further interoperability into cross-border payments
Soon, a single global payment network will allow people to pay for any person or business instantly quickly.
More information, PayID is a free and open standard that allows for interoperability between payment networks. PayID allows organic growth in which no company can control or set terms for participation. This solution is built around people, replacing complex account numbers with easy-to-understand, easy-to-remember names. PayID works on any payment network or currency, be it fiat or digital.
An open payment network connecting everyone around the globe is a valuable resource for everyone involved, and an open network built on an open standard allows innovation and growth, similar to the use of the Internet. PayID is an essential step in this open global payment experience journey.
Ripple’s global payment network, RippleNet, is integrating PayID to provide even more interoperability in cross-border payments. The mission and work of the Coalition align with Ripple’s founding vision — enabling the world to move value like it moves information today, a concept we refer to as the Internet of Value (IoV).
RippleNet and RippleNet’s On-Demand Liquidity (ODL) service empowers financial institutions to instantly, reliably, and cost-effectively send global payments by leveraging blockchain technology and the digital asset XRP. Ripple’s innovative solutions, combined with the power of the Open Payments Coalition’s efforts, are transforming global payments to everyone, everywhere.
By allowing a world where money moves as smoothly as information, PayID promotes forward digital payments, simplifies global payments for everyone, and takes the world one step closer to Realize IoV. Ripple prides itself on being one of the alliances of industry leaders to help establish this much-needed open standard for interoperability so that IoV can become a reality.
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