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Open Payments Coalition will develop a cryptocurrency payment system Pay ID

Open Payments Coalition will develop a cryptocurrency payment system Pay ID

Members of the Open Payments Coalition Alliance have teamed up to launch the universal payment system PayID using cryptocurrencies.

The Alliance includes more than 40 non-profit organizations and firms working in the field of blockchain and crypto assets, including BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, BTC Markets, CipherTrace, Coinone, Crypto.com, Independent Reserve and Liquid. The organizers of the consortium reported that it was created to “hack” established standards in the payment sphere and accelerate the introduction of cryptocurrencies around the world.

According to the developers, PayID should become an international solution that combines the functions of all existing payment systems. To receive transfers instantly, users can provide their email address or phone number linked to their Bank account. This does not require a Bank account or credit card number, Bank code, or SWIFT interbank payment system ID.

Ethan Beard, senior Vice President of the xpring ripple startup, noted that the key component of PayID will be cryptocurrencies. The system will support real-time payments with both Fiat and digital currencies. To do this, you need to create an open payment system that can provide the necessary level of protection and privacy for large financial corporations, non-profit organizations, applications, and ordinary users.

The system will meet the requirements of the US financial crime Network (FinCEN) and the financial action task Force (FATF). In addition, the solution will allow Alliance members to interact with a large number of payment networks and expand their user base.

This week, it became known that Ripple is preparing to launch an On-Demand Liquidity (ODL) solution for international payments in Brazil. ODL will allow you to exchange Fiat currencies using XRP as an intermediary.