Ripple, the San Francisco based cross-border payment firm, has announced its coalition with over 40 other related companies across the world, to launch PayID, the universal payment identifier, which will provide the replacement for complex account numbers, routing number and SWIFT code.
This new development was published by the blockchain tech on its official website and shared with its teeming community members a couple of hours ago.
According to the report, PayID is a free and open standard that makes interoperability possible between payment networks. And this new innovation is expected to make Sending funds to someone overseas easy.
“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,” Ripple tweeted.
Ripple also added that PayID works across any payment network or currency, whether fiat or cryptocurrency.
“By enabling a world where money moves as easily as information, PayID drives digital payments forward, simplifying global payments for all and brings the world one step closer to realizing the IoV. Ripple is proud to be among this coalition of industry leaders helping to establish this much-needed open standard for interoperability, so that IoV can become a reality,” Ripple stated.
According to Ripple, its global payment network, RippleNet will integrate PayID to enhance cross-border payments in terms of interoperability.
Xen Baynham-Herd, COO of Blockchain.com, also stressed the benefits of the new innovation, saying it will enhance the growth of the payment industry globally.
“Initiatives like PayID enable a future where sending money is as easy as sending an email. We’re supportive of initiatives like PayID that have the potential to bridge the worlds of crypto and traditional finance, opening up the opportunity for greater adoption and use.”
The Open Payments Coalition include BitBNS, BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BRD, BTC Markets, CARE, CipherTrace, Coil, CoinField, Coinme, Coinone, Coins.ph, Crypto.com, DeeMoney, Dharma, Dwolla, FlashFX, Flutterwave, Forte, GateHub, GiveDirectly, The Giving Block, globaliD, GoPay, Huobi, Independent Reserve, Liquid, Mercury FX, Mercy Corps, Modusbox, PolySign, Standard Chartered Ventures, Sygnum, Tangem, TRISA, Unstoppable Domains, Uphold, Wyre and XUMM.
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