The Open Payments Coalition Introduces Top-Notch Features in Universal Payment Network PayID

The Open Payments Coalition introduces new features for customers in a universal ID system. With updated facilities, users will not have to depend on a third party for verification.

According to the press release, customers of universal payment ID will take benefits of cloud computing, sandbox for developers, and the facility of end-to-end encryption messaging.

End-to-End Verification System

As an attempt to increase network security and users’ privacy, Coalition launches new features that allow end-to-end verification system between senders and receivers. With end-to-end encryption, a secure message will be generated on both sides. The encrypted message will be shown to both senders and receivers without any involvement of a third party.

This is a very big achievement for users holding funds in non-custodial wallets. Non-custodial wallets will work via a trusted model offered with a new update of the Open Payments Coalition. This function will remove the participation of a third party in the process and will act as a strong resistance against hacking attacks.

PayID has also rolled out a sandbox for developers and companies. Per the announcement, it is also integrated with AWS Lambda which will assist firms and corporates by removing the need for separate servers. PayID AWS Lambda gives “developers deploying less advanced or intensive deployment to implement PayID quickly and cost-effectively.”

Ripple is a Member of the Open Payments Coalition

Universal payment network PayID was introduced by the Open Payments Coalition in June. Currently, it has 50 members, including the leading tech companies such as Blockchain.com, Ripple, Huobi, BitGo, Brave, BitPay, and many prominent nonprofits. The basic framework of the payment is to make the whole process of payment easy via email.

PayID is the first initiative at a large scale to create a perfect bridge between digital currency and fiat. Ripple stated it would reach a total of 125 members in the future, but currently, it has almost 50 participants. It is a perfect alternative of SWIFT to send and receive funds overseas by typing just alphanumeric address instead of giving an account number or routing number.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

New Amendment Law: Crypto Companies will Share Information of Transfers Above $250

The United States is introducing new financial laws which are also applicable to digital currencies. To curb money laundering, the US regulators have proposed an amendment in the Bank Secrecy Act, which make it a requirement to collect details about transactions, which are above $250. The US regulators also include digital currencies in the upcoming […]

Grayscale Adds $300 Million in a Day and $1 Billion in a Week

Due to the increasing demand for hedge investment assets, the companies and institutional actors have increased their Bitcoin holdings. In the latest update, fund manager Grayscale notes it is holding $7 billion in assets under management. $7.3 Billion in AUM According to Grayscale, the fund manager has added a fresh investment of $1 billion in […]

Crypto Exchange Kraken Launches Trading Services in Japan

Cryptocurrency exchange Kraken has announced to offer trading services in Japan as part of its expansion plan in the APAC region. Spot Trading for Five Cryptocurrencies According to the official announcement, the exchange will offer spot trading for five major cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. For these five digital currencies, the […]

Two Non-Profits Have Received $20,000 from Hackers

BBC’s report unveils that hackers have donated $20,000 in Bitcoin to two non-profits. Such kinds of unusual acts have made experts puzzled. Non-Profits: Children International and The Water Project Two non-profit organizations, Children International and The Water Project have received donation funds, which are known to be linked with criminal sources. According to BBC, the […]