- Ripple has joined the Open Payments Coalition, which will introduce PayID as a universal payment identifier.
- PayID is a free and open standard that enables interoperability between payment networks.
Although the global payment market is evolving, there are still thousands of providers, all using different software. In addition, exchanging money between different countries and currencies can take a lot of money and time. Although Ripple (XRP) provides a payment solution with RippleNet that solves the second problem, interoperability with other networks is still a problem that is now to be solved with PayID.
Ripple joins Open Payments Coalition
Ripple announced a few hours ago that it has joined the Open Payments Coalition (OPC). Other members include 40 global corporations and non-profit organizations, including Ripple partners Flutterwave and Uphold, both of which use Ripple’s On-Demand Liquidity payment solution. The well-known Ripple developer Wietse Wind is also a member of the commission and has announced that PayID will be integrated into the XUMM banking app.
The OPC will introduce the PayID as a universal payment identifier. PayID is a free and open standard that enables interoperability between payment networks. PayID will replace complex account numbers with simple names and will work between any payment network and currency, whether Fiat or digital.
This makes it obsolete to insert long account numbers, routing numbers or long addresses of crypto currency accounts. Ripple describes that PayID is an important step towards creating a global payment standard that supports joint growth and innovation. In addition, RippleNet will integrate PayID to further advance interoperability in cross-border payment transactions:
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 we refer to as the Internet of Value (IoV).
Ethan Beard, SVP of Ripple’s Xpring development division, comments on the announcement that tomorrow’s payment system will be as open and interoperable as sending SMS between different mobile operators. Beard explained that PayID is the birth of decentralized transaction processing, where the needs of people are at the center of attention.
Meanwhile, the wallet provider BRD, which is also a member of the consortium, has already announced its support and integration of PayID into its services.
Ripple presents regulatory framework for cryptocurrencies to Indian government
As Crypto News Flash already reported yesterday, Ripple has submitted a draft regulatory framework to the Indian government. This proposal is intended to serve as a basis for a new law that will establish regulatory guidelines and support the development and deployment of new technologies such as the blockchain.