TALLINN, Estonia, JUNE 18, 2020 — CoinField joined leading technology, finance, and nonprofit companies to announce the launch of PayID — a universal payment ID to simplify the process of sending and receiving money globally across any payment network and any currency.
CoinField is one of more than 40 global companies and nonprofits, reaching more than 120 million consumers worldwide, who has joined the Open Payments Coalition — a multinational alliance of industry leaders who collaborated on the development of PayID.
“We’re proud to be working alongside industry leaders like CoinField as part of the Open Payments Coalition. Together we’re setting the standards that will ensure the digital payments space remains open and innovative,” said Ethan Beard, SVP of Xpring at Ripple.
PayID simplifies transactions for businesses and consumers. With PayID, individuals can send and receive money across any payment network using an easy-to-read ID similar to an email address. Users can send money to friends and family quickly, without using a large routing number.
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 1, 2020. PayID enables CoinField to comply with these FATF travel rule regulations by sharing the beneficiary and originator information.
“We are excited to be a part of this initiative and are hoping for other crypto exchanges to join and utilize PayID for an easier, safer, and compliant future of cryptocurrency.”, Reza Bashash, CTO, CoinField.
CoinField is a regulated European based fiat-to-crypto exchange supervised by the Financial Intelligence Unit (FIU) under the license numbers FVR001049 & FRK000941. To learn more about CoinField visit www.coinfield.com
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