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Ripple, Flutterwave, Mercy Corps, GoPay launch PayID, the universal ID for payments

Friday 19 June 2020 09:16 CET | News

Technology, finance, and nonprofit companies have joined forces to announce the launch of PayID, a universal payment ID.

PayID aims to simplify the process of sending and receiving money globally, across any payment network and any currency. Thus, 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, pairing traditional finance, and the new world of fintech under one standard. More than 40 global companies and nonprofits reaching more than 100 million consumers worldwide have joined the Open Payments Coalition.

PayID allows individuals to send and receive money across any payment network using an easy-to-read address, according to the official announcement. Whether a bank, payment provider or processor, digital wallet, or remittance provider, PayID is designed for any business that sends or receives money.

The solution is open-source, free, and it provides an end-to-end Travel Rule compliance solution for satisfying both FinCEN requirements and FATF recommendations.

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Keywords: PayID, cross-border payments, payment ID, GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps, Open Payments Coalition, fintech, digital wallet, remittance
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech