A multinational coalition of over 40 global companies and nonprofits starts collaboration in order to launch the universal payments network PayID.
According to the announcement from Ripple, the company will be collaborating with an Open Payments Coalition to support the launch of a single global payment network PayID. The universal payment network aims to change the way the money is sent and allows moving funds between payment networks by using an easily readable ID similar to an email address.
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
The alliance of leading technology, finance, and nonprofit companies includes GoPay, Bitstamp, Blockchain.com, Crypto.com, BitPay, Brave, Huobi and allows access to the 100 million users across the planet. As Ripple expects, the decentralized universal payment network will help to drive innovations further and thus simplify the payments for anyone, independently from the jurisdiction or payment network.
Ripple further reported that an open-source universal payment identifier PayID will work across any payment network and currency. Furthermore, it will set a human-readable payment address standard to fulfill its vision and make global payment as simple as sending an email:
This solution is built around people, replacing complex account numbers with simple names that are easy to understand, remember and even type.
As Ripple announced, the company already started integrating PayID into its global payment network RippleNet. With this move, the company aims to bring further interoperability into cross-border payments.
The company recently became an object of interest to solid institutional investors. Partnerships with leading US-Mexico remittance service providers and the National Bank of Egypt brought Ripple in the position of one of the most prominent players in the cross-border payment industry. Furthermore, the major cryptocurrency custodian Anchorage, the member of Facebook Libra and Celo alliances, added XRP as an asset for its corporate investors.
The company develops a payment protocol that allows all kinds of financial institutions or cryptocurrency exchanges to transfer funds across the globe by using blockchain technology.