KUALA LUMPUR, June 19 ― Leading technology, finance and nonprofit companies have joined forces to launch PayID, a universal payment ID to simplify the process of sending and receiving money globally, across any payment network and currency.
According to a statement, GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps and others have collaborated on the development of PayID through the Open Payments Coalition, a multinational alliance of industry leaders.
PayID brings together companies across all industries with an open solution for payments, marrying traditional finance, and the new world of fintech under one standard.
Over 40 global companies and nonprofits reaching more than 100 million consumers worldwide have joined the Open Payments Coalition to break down the proprietary silos and standards that exist in payments, accelerate the adoption of digital payments, and change the way money is sent worldwide.
With support from companies across industries, PayID is the first global solution to address the biggest pain point in payments, uniting the many, closed payment networks that exist today.
Whether a bank, payment provider or processor, digital wallet, or remittance provider, PayID is designed for any business that sends or receives money. Implementing PayID is simple, and makes it possible for companies to access more networks, consumers and currencies to expand businesses globally.
In addition, PayID provides an end-to-end Travel Rule compliance solution for satisfying both FinCEN requirements and FATF recommendations.
More details at www.payid.org. ― Bernama