Handling international currency receipts and payments has always been a service delivered by high street banks which creates difficulties in modern commerce. Speed and cost have always been high using the banks who in turn continue to use outdated technology to complete transactions.
That’s why Mercury is excited to join the Open Payments Coalition, an initiative to simplify global payments that includes more than 40 leading companies across tech, finance and nonprofit sectors that reaches 120 million consumers worldwide.
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 repositories that exist in payments and change how money is sent globally.
PayID can connect any two accounts - be they traditional bank accounts or new digital wallets, across any payment network and in any currency.
PayID makes sending money simple and easy by breaking down existing payment silos and promoting open, interoperable standards - the first global solution of its kind.
PayID simplifies signing into any online payment or wallet service. PayID 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.
Mercury 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 Mercury to comply with these FATF travel rule regulations by sharing the beneficiary and originator information.
Aside from compliance, managing international currency receipts and payment profiles are hard, and 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.
“Our vision as has always been to embrace blockchain technology and revolutionize the international, cross-border payments industry. We anticipate a mass shift from traditional cash and antiquated electronic payment methods to near-instant and very low-cost international payments in the coming years and we're excited to be a proactive part of that change.” - Alastair Constance, Mercury CEO
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 http://www.payid.org/?utm_source=mercury&utm_medium=mercuryblog