Ripple, which is an organization created and made up of leading technology, finance, and nonprofit companies who share a vision of interoperability between payment networks, announced that it was joining the newly formed Open Payments Coalition.
Launch of Pay ID :
The main aim of this Coalition is the launch of Pay ID, which is a free and open standard that allows for easy communication and settlement of transactions between payment networks. Pay ID is the first global solution to pinpoint the biggest hurdles in payments, also joining the various other payment networks that exist today.
Pay ID aims at reducing the hurdles many individuals face when sending funds across different platforms and the fees associated with the process. With Pay ID, sending payments will be as easy as sending an email.
Members of the Open Payments Coalition:
40 + global companies and non-profits have joined Open Payments Coalition but the main ones 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.
Ethen Beard, the SVP of Xpring at Ripple, also portrayed his views regarding said interoperability ;
The next payments network should be open, like the web, where any company can participate just by building your service on the network. PayID is the beginning of building an open payments network that is designed for people and simplifies the experience of sending or receiving money. Building the open payments network that simplifies payments process will accelerate the growth and adoption of digital payments for everyone around the globe.