Fintech company Ripple has become a member of the recently created Open Payments Coalition, which launches the PayID global payment system based on simple and clear identifiers.
Related: Study: Japanese investors prefer XRP over Ethereum
The consortium unites more than 40 participants with a user base of over 100 million people. The founders of the project are BitBNS, BitGo, BitPay, Bitrue, Bitstamp, Blockchain.com, Brave, BTC Markets, CARE, CipherTrace, CoinField, Crypto.com, DeeMoney, Forte, GateHub, and many others.
PayID uses a universal payment identifier to send and receive money through any payment network in any currency. The translation process will be as simple and fast as sending emails.
It is assumed that the solution will allow companies to gain access to more payment networks and currencies, as well as increase the number of consumers. PayID will also provide a comprehensive solution to comply with FinCEN rules and FATF recommendations.
Ripple intends to integrate PayID into its RippleNet network, which uses the XRP digital asset as intermediate payment currency.
Recall, that Brad Garlinghouse has filed a lawsuit against YouTube for making video hosting an “accomplice” of repeated fraudulent XRP distributions.