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Ripple and fintechs sign global alliance to launch PayID, a unique payment identity


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Ripple, Silicon Valley fintech, a global leader in offering blockchain business solutions, is one of the technology and payment market companies to join an international alliance responsible for PayID. It promises to function as a global identity that will bring a simpler relationship between companies and people with the money.

According to a press release, PayID will operate with a system similar to that of e-mail, which will facilitate the sending of money around the world, whether B2B, B2C or P2P, regardless of the country or bank flag.

The global alliance of institutions, called the Open Payments Coalition, is made up of a total of 44 members that reach around 100 million consumers worldwide.

It aims to be the first step towards creating an open and international payment network that changes the way money is sent around the world today.

In addition to Ripple, other companies linked to the crypto industry are also part of this alliance, such as, BitPay, Huobi, Bitrue, Bitso and Bitstamp.

Strategic Brazil

The PayID announcement dialogues with the agenda that the Ripple summit had at the end of May with the board of the Central Bank of Brazil. The meeting was closed to the press and none of the participants spoke publicly.

Days later, in an interview with the Future of Finance channel on YouTube, Marjan Delatinne, global head of banking operations at Ripple, said the startup was actively working on developing a payments corridor in Brazil.

These movements are justified because Brazil is considered a strategic market for Ripple. It is one of the few countries in which the company has a direct representation, located in São Paulo.

Brazil is already responsible for no less than 30% of Ripple's money transfer operations. The company is looking at international remittances of funds among individuals.

Ripple already has agreements signed in Brazil with Santander, Bradesco, Rendimento and others, for sending money abroad.

The arrival of PayID in Brazil also coincides with events that are shaking the payment market, such as the possibility of transactions via WhatsApp and the institution of Open Banking and the PIX instant payments system – the latter two, played by the Central Bank.

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