A group of leading technology, finance and nonprofit companies have joined forces to announce the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency.
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.
More than 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 around the world today.
Though existing solutions have attempted to connect individuals across networks, no standard has yet achieved global reach and adoption. 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.
PayID allows individuals to send and receive money across any payment network using an easy-to-read address versus one that’s awkward and unintuitive – such as a bank account, routing or credit card number.
Most have experienced the frustration and inconvenience of sending money between different bank accounts or payment apps — with PayID, sending money is as simple as sending an email directly to friends and family, no matter which provider is used.
“Compliance solutions provide a critical component of mitigating compliance risk, and we look forward to using PayID to identify and reduce exposure to illicit finance,” comments Dave Jevans, CEO, CipherTrace.
“Our aim has always been to make the digital payments space safe for everyone, and we are excited to lend our expertise and tools towards helping PayID bring the dream of a trusted, open payments network to life.”