Ripple joins instant payments alliance
Ripple has joined the newly formed Open Payments Coalition, which is launching a new PayID payment system that handles payments using simple functions.
The coalition includes more than forty companies with a user base and more than one hundred million people. The founders of the consortium are companies such as Blockchain.com, Coinme, BTC Markets, Independent Reserve and many others.
To send and receive funds in any currency and through any system, PayID uses a special payment recognition identifier. The speed and ease of the transaction will be as fast and easy as sending a message by email.
This association will enable all companies to access a large number of payment systems with a choice of different currencies, and will also lead to an increase in the number of users. At the same time, the PayID system will provide a complex solution in which all the rules for the activities of FinCEN exchangers and the recommendations of the FATF organization are followed.
Ripple plans to merge PayID with RippleNet, using XRP as an intermediate currency in payment transactions.
Also in June, Ripple began to expand towards Brazil, proposing payments using the ODL (On-Demand Liquidity) system.