Ripple has joined forces with more than 40 large financial companies to launch the global payment identifier PayID, which was invented to remove the usual complex account numbers, indirectly competing with Swift.

The new service reaches more than 120 million consumers worldwide.

Says Ripple has joined the Open Payment Alliance consortium of large corporations and non-profit organizations to launch a free and open standard that enables interoperability between payment networks.

As for PayID, it is designed to promote the growth of the financial world and make it impossible for a single company to determine the terms of accession.

As stated in the PayID statement, the new service and new Payment Identifier eliminates long and complex bank accounts that are often difficult for people to memorize and replaces them with simple, memorable and memorable names.

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The unique feature of the PayID system is that it works on various financial addresses, whether it is related to cryptocurrencies or fiat currencies managed by bank accounts.

According to PayID’s statement, the open payment network unites everyone around the world and is a valuable resource for every participant, and the open network built on open standards enables innovation and growth, similar to the adoption of the mobile Internet.

PayID is an important step in the journey to an open global payment experience.

Ripple says it will integrate PayID to increase interoperability in the world of cross-border remittances as it aligns with Ripple’s vision to participate in building an Internet of Value.

Flutterwave has also joined the consortium, which is based in Nigeria and offers payment solutions using Ripple services such as: ODL, Uphold and Flash FX.

As we were told, Ripple is part of the consortium that has promised to include PayID in its payment app.

Ethan Bird, an executive at Ripple, said:

Payments should be open just like the web.

Ethan believes that PayID is the birth of open, people-centered payment.

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The idea of ​​the new service is to increase the adoption of open-source payment solutions, with a great opportunity to increase the use of cryptocurrencies as many of the companies involved in the new payment idea mainly rely on crypto.

Other companies in the PayID group are Huobi Corporation, Blockchain.com, Coil, Coinme, GateHub, Mercury FX, Wyer, Crypto.com, Dwolla…

The companies referred to above aim to spread the PayID service across their products and attract users to the new feature that allows transferring and receiving money through simple addresses that are easy to memorize, contrary to what was common.

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