Ripple has joined over 40 global companies and non-profits as a member of the Open Payments Coalition launching PayID, a universal payment identifier. PayID is a free and open standard that allows for interoperability between payment networks.
PayID allows for organic growth where no single company can control or set the terms for joining. This solution is built to replace complex account numbers with simple names that are easy to understand, remember and type. It is designed works across any payment network or currency – be it fiat or digital.
“An open payment network that unites everyone around the globe is a valuable resource for every participant, and an open network built on open standards enables innovation and growth – similar to the adoption of the internet the mobile phone. PayID is one important step in the journey to this open global payment experience,” says Ripple.
Ripple’s global payment network, RippleNet, is integrating PayID to bring further interoperability into cross-border payments. It allows financial institutions to send global payments by leveraging blockchain technology and the digital asset XRP.