CoinField is pleased to announce that we have joined the Open Payments Coalition with leading companies across technology, finance, and nonprofit sectors to launch PayID.
PayID is a universal payment ID that simplifies the process of sending and receiving money globally, across any payment network, and any currency. PayID makes sending money simple and easy with the vision to break down the silos that exist in payments and change how money is sent around the world.
What is PayID?
Memorizing crypto wallet addresses is the most significant pain point for our users, which is inconvenient, but poses considerable security risks. For example, users signing to their wallets every time they want to make a transaction or dealing with their credentials.
PayID simplifies this. The tool allows users to send and receive money across any payment network, in any currency, by using a single ID that’s easy to remember, similar to an email address. This means users can send money to friends and family quickly, without using a large routing number.
PayID can be enabled by any business that sends or receives money — whether a bank, payment provider or processor, digital wallet, or remittance provider. Implementing PayID makes it possible for companies to access more networks, consumers, and currencies to expand their businesses globally. PayID was built for all; it’s open, free, and simple to integrate. Today, PayID reaches 100 million consumers worldwide.
The New Travel Rule
CoinField has updated its account thresholds to comply with the Financial Action Task Force (FATF) regulation regarding the new “Travel Rule”. The FATF proposed new rules for sharing information of the beneficiary and originator between virtual assets service providers for all transactions above 1,000 USD/EUR. This rule came into effect on June 1st, 2020. PayID enables CoinField to comply with these FATF travel rule regulations by sharing the beneficiary and originator information.
Aside from compliance, managing Cryptocurrency wallet addresses is hard, but poses security risks for users by authenticating themselves with their wallets to obtain these addresses. We believe PayID is a solution to this, and we are proud to be a member of the Open Payments Coalition.
PayID brings together companies across all industries with the first-ever global solution for payments, marrying traditional finance and the new world of fintech under one standard. For more information on PayID, visit www.payid.org.