Payment network company Ripple Labs recently announced that it would join W3C Web Payment Interest Group — a decision that would help them standardize their upcoming Internet for Money exchange globally.
According to the company’s recent press release, they were looking forward to promote and implement methods that could actually improve the “interoperability of [web payment] systems” across the world. As the disparate payment networks falls under a single global standard, it would eventually help in narrowing payment clearing and settlement timeframes.
Ripple Labs CTO Stefan Thomas cited informational web as a potential prototype to the upcoming web payment standards, saying how they could actually improve efficiency and provide “greater access in financial systems” — just like access of information in the case of HTTP’s growth.
“Critically, we believe that there will be multiple protocols and ledgers that make up the value web,” he continued. “However, they will all benefit from standardized interfaces and greater interoperability.”
Ripple Labs, which itself is the creator of an emerging internet payment protocol called Ripple, understands the need for having an open, neutral and transparent standard to earn users’ confidence in emerging payment technologies. The company is already facilitating organizations in transferring funds across the globe in real time. Their addition under the wing of W3C has indeed intensified the entire process.
“We are excited about the work of W3C as a global standards-setting organization and look forward to helping build the framework for the future of web payments,” Thomas quoted.
Following the announcement, Ripple Labs will be working together with a series of influential companies from sectors like banking, mobile payments, merchants, vendors as well as payment processors. W3C Web Payment Interest Group has already attracted participators like Bloomberg, Financial Services Technology Consortium [FSTC], HSBC, Google and many more.