Ripple, a provider of enterprise blockchain solutions for payments, announced on Thursday it has joined more than 40 global companies and nonprofits as a member of the newly formed Open Payments Coalition launching PayID, the universal payment identifier. According to Ripple, PayID is a free and open standard that allows for interoperability between payment networks.
“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.”
Ripple further reported that PayID allows for “organic growth” where no single company can control or set the terms for joining. This solution is built around people, replacing complex account numbers with simple names that are easy to understand, remember, and even type.
“PayID was built for all, its 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 neo-banks require. In addition, it provides an end-to-end Travel Rule compliance solution for satisfying both FinCEN requirements and FATF recommendations.”
Ripple went onto add that its global payment network, RippleNet, is integrating PayID to bring further interoperability into 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).”