American fintech company Ripple Labs, Inc. has announced it joined over 40 global companies and nonprofits as a member of the newly formed Open Payments Coalition launching PayID.
According to an official announcement, Ripple’s payment network, RippleNet, is integrating PayID to bring "further interoperability into cross-border payments." The company says the Coalition's goal aligns with Ripple’s founding vision in simplifying payments for all.
PayID is a free and open standard that allows for interoperability between payment networks.
"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]," the announcement states.
Previously, Director of global banking at Ripple Marjan Delatinne said the company plans to launch its On-Demand Liquidity (ODL) solution in Brazil.
The company is apparently working to expand its ODL service to "exotic corridors" such as the Philippines and Brazil because these are markets "where you don’t necessarily want to keep liquidity and you want to really move funds when you need it," which is what Ripple's solution offers, Delatinne highlighted.
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