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Your email address will not be published.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

Venezuelan International Airport Has Started To Accept Bitcoin Payments

The adoption of decentralization continues to proceed at a steady pace, and more and more countries are taking the initiative of accepting DeFi in either a legal or private approach. Recently Venezuela airport has announced to start accepting BTC payments from the passengers. This is done in a private capacity and not the state of […]

Edward Snowden: CBDC Is Not A True Cryptocurrency

There was a time when investors, traders, or even the simplest of businessmen used to do their business in gold. At the time, it was the only acceptable mode of payment on a global scale. Then the mean of economic development rolled, and we were using coins made of bronze and aluminium to preserve gold […]

Brazilian Authorities Want To Legalize Bitcoin

A breath of fresh air comes from Brazil as it makes transitions to engage with crypto-oriented payments in the next few months. According to the Brazilian federal deputy, the whole project is in motion, and there will be an outcome soon enough. On a hilarious note, he said that people would be able to buy […]

New Feature Allows Private Ethereum Transactions

When it comes to mentioning the most elegant blockchain or digital infrastructure regarding cryptocurrency, it is without a doubt that Ethereum blockchain is definitely going to get nominated for that. It is hands down the best crypto blockchain there is, which ensures complete security and efficient transfer of protocols from one network to another in […]