PayID is a free and open standard that allows for interoperability between payment networks. PayID is the first global solution to address the biggest pain point in payments, uniting the many, closed payment networks that exist today.
Today, leading technology, finance and nonprofit companies join 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.
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 their businesses globally.
This is the first step in creating a truly open payments network. PayID was built for all – it’s open-source, free, and simple to integrate with the security and privacy that everyone from large financial institutions and global nonprofits, to ride-hailing apps and neobanks require. In addition, it provides an end-to-end Travel Rule compliance solution for satisfying both FinCEN requirements and FATF recommendations.
The Open Payments Coalition
The founding members of the Open Payments Coalition are:
BitBNS, BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BRD, BTC Markets, CARE, CipherTrace, Coil, CoinField, Coinme, Coinone, Coins.ph, Crypto.com, DeeMoney, Dharma, Dwolla, FlashFX, Flutterwave, Forte, GateHub, GiveDirectly, The Giving Block, globaliD, GoPay, Huobi, Independent Reserve, Liquid, Mercury FX, Mercy Corps, ModusBox, PolySign, Ripple, Standard Chartered Ventures, Sygnum, Tangem, TRISA, Unstoppable Domains, Uphold, Wyre, XUMM
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Context
Today, we can instantly send a photo, message or video to billions of people and businesses around the world from a phone, laptop—even through Alexa. Yet, simple and fast payments are still not possible. In this always-on world, where everyone carries a computer in their pocket, why is it easier to send a picture of a 5 dollar bill than it is to actually send 5 dollars?
Unlike email and SMS, where there is a single network for the entire world, the payments infrastructure consists of hundreds of isolated networks that don’t speak to each other. Imagine how limited SMS would be if messages couldn’t be sent between the different mobile providers. We would all send a lot fewer text messages and be less connected to our friends and family.
If sending a payment were as seamless as sending an email or text, we would all send more payments quickly and easily around the world.
Tomorrow’s Payment Network Will Be Open
In the near future, a single, global payment network will enable anyone to easily pay any person or business instantly. Everyone, everywhere will tap into the power of this network, dozens of times a day, sending payments both large and small. Payments will no longer run over fragmented networks using proprietary standards to complicated account numbers; but rather, they will use a united network in which all payment companies participate—one built for today’s consumers and businesses.
PayID allows for organic growth where no single company can control or set the terms for joining. This solution is built around people, replacing complex account numbers with simple names that are easy to understand, remember and even type. PayID works across any payment network or currency—be it fiat or digital.
An open payment network that unites everyone around the globe is a valuable resource for every participant, and an open network built on open standards enables innovation and growth—similar to the adoption of the internet the mobile phone. PayID is one important step in the journey to this open global payment experience.
By enabling a world where money moves as easily as information, PayID drives digital payments forward, simplifying global payments for all and brings the world one step closer to realizing the IoV (Internet of Value).
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
