Ripple Labs, Inc. has joined over 40 other big financial firms to launch global payment identifier PayID, innovated to remove complex account numbers, reaching over 120 million consumers worldwide.
The startup says it joined a consortium named Open Payment coalition consisting of big firms and nonprofits to launch the free and open standard which gives room for interoperability between payment networks.
PayID is designed to fuel growth in the financial world and makes it impossible for a single firm to determine the terms of joining. As contained in a statement by PayID, the payment solution is largely designed to be people-centered, and abolishes complex account number, replacing it with simple names that are easy to type, remember, and understand.
The PayID system works perfectly across all networks of cryptocurrency or fiat currencies and serves as a unifying force for payment network across the globe.
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.
Ripple says it will integrate PayID to increase interoperability in the cross-border remittance world as it aligns with Ripple’s Internet of Value (IoV) vision. Joined in the consortium are Flutterwave, a payment solution based in Nigeria Africa, which makes use of Ripple’s ODL, Uphold and Flash FX
Also, creator of XRP-centric XUMM, Weitse Wind is part of the consortium and has promised to include PayID in his payment application.
SVP of Ripple’s Xpring, Ethan Beard, says the next payments should be completely open like the web. Ethan believes PayID is the birth of open payment centered on people. Coinfield is also part of the 40 global companies collaborating on the development of PayID.
The idea is to fuel the increase in adoption of opensource payment solutions, and has a great chance of increasing the usage of digital assets as many of the companies involved in the payment idea are crypto-base.
Interested companies are free to integrate the payment solution on their platforms to ease the hardship involved in user recognition while also increasing connectivity among financial institutions across the world.