A myriad of startups in the crypto-money ecosystem have announced the creation of PayID, an open-source solution to unify payments.
According to a press release, more than 40 popular crypto-money companies, including Ripple and Huobi, are uniting through the Open Payments Coalition, around a new open-source payment standard called PayID, which is being sold as the “universal payment ID”.
The signatories now serve more than 100 million customers worldwide and aim to break proprietary standards in the payments industry and accelerate the adoption of digital payments.
PayID aims to simplify the process of sending and receiving funds globally by allowing money to be sent and received over any payment network using an easy-to-use address as opposed to an unintuitive address such as a bank account or credit card number.
Founding members of the Open Payments Coalition include BitGo, BitPay, Bitstamp, Blockchain.com, Brave, CipherTrace, Coil, Coinme, Crypto.com, Forte, GateHub, Huobi, Liquid, Sygnum, Tangem and Uphold, to name just a few.
“BitPay supports PayID’s mission and its efforts to make it easier for businesses to accept blockchain payments around the world,” said Sean Rolland, Product Manager at BitPay.”
In addition, PayID provides a robust compliance solution to meet both the requirements of the US regulator FinCEN and the recommendations of the Financial Action Task Force (FATF).
“The next payments network should be open, like the Web, where any company can participate simply by building your service on the network. PayID is the beginning of building an open payment network designed for people and simplifying the experience of sending or receiving money,” added Ethan Beard, SVP of Xpring, Ripple.”