- Ripple Integrates PayID in RippleNet to Enhance Interoperability
- Ripple XRP Price Enters a Sideway Trend
Ripple News Today – As technology advances, different industries grow and evolve with it. The global financial sector has evolved significantly as well. Despite the developments that have been made over the years, the global financial sector is still not unified. There are different providers of financial services that use unique software. Cross-border payments are the most flawed. Sending huge sums of money across countries costs too much money and requires too much time. RippleNet provides a payment solution that will unify the global financial system. However, the company has been unable to solve the interoperability problem. Thanks to PayID, RippleNet has come one step closer to solving this problem.
Ripple News Today – PayID Will Solve Interoperability Problem for Ripple
PayID will be introduced by OPC, Open Payments Coalition. This morning, Ripple announced that RippleNet has joined 40 global organizations on the OPC network. Some of the other companies on the network are already using Ripple’s on-demand liquidity solution. OPC is going to integrate PayID in the XRP-powered payment platform, Xumm. PayID is going to serve as a universal payment identifier. It is an open standard and free network that promotes interoperability between different payment networks. The PayID network works on Fiat money and digital currency alike.
XRP (XRP) Price Today – XRP / USD
Thanks to PayID, complex account numbers will no longer be relevant as they will be replaced with simple names that will be applicable across payment networks. Apart from account numbers, PayID eliminates the need for cryptocurrency addresses, and routing numbers. PayID is one step in the right direction as far as global interoperability is concerned. The partnership with RippleNet will promote joint innovation and growth. This will allow people to move value from one part of the world to another the same way the Internet of value moves information from one place to another.
The SVP of Ripple’s Xpring, Ethan Beard said that the payment system of the future will be open and interoperable. He said that sending money from point A to point B will be as easy as sending an SMS from one phone to the other. PayID is the cradle for decentralization. The centralized organizations will no longer have control over the people as they do today. A few days ago, BRD, another member of RippleNet, announced the integration of PayID.
In other news, Ripple XRP has entered a sideways trend after days of trading downward against the USD. At the time of writing, the price of the token was $0.190152. It is down by 0.80% against the USD and up by 0.15% against Bitcoin. The trading volume over a 24 hour period is $1,090,280,044 and the market capitalization is $8,415,718,228.