Open Payments Coalition opens more doors for wallets, exchanges, and developers

Tuesday 13 October 2020 12:03 CET | News

The Open Payments Coalition, an organisation developed by Ripple and over 40 global companies and nonprofits, has announced updates and new features for PayID.

PayID, a universal payment identifier, has the potential to reach 125 million consumers through nearly 50 members of the Open Payments Coalition. As part of the Open Payments Coalition, which includes new partners AirTM, Atomic and CoinPayments, PayID is committed to enabling an open and inclusive future of digital payments.

PayID has now been updated with Verifiable PayID. This means non-custodial wallet users can now make use of a fully trustless model, so receivers no longer need to trust their PayID provider. This has several benefits for non-custodial wallets as it de-risks the trust model of their PayID server and strengthens its defences against potential hackers.

With Verifiable PayID, users can verify who a sender is before completing a transaction. On the receiving end, PayID users can send a unique, secure signature through end to end encryption messaging to verify themselves as a valid PayID user.

Furthermore, PayID launched PayID Sandbox to provides developer the ability to test PayID before setting up their own PayID servers. With the ability to test PayID, developers can get familiar with the technology before implementing it.

And lastly, PayID adopts AWS Lambda to offer developers access to PayID via a standard-compliant platform, without the added cost of a setting up and managing a separate server.

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Keywords: Ripple, open payments, Open Payments Coalition, Ripple, wallet, developers, cloud, innovation
Categories: Payments & Commerce
Countries: World
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