Ripple Labs Joins W3C Web Payment Interest Group to Help Set Standards for the Value Web
Just as the information web requires open, neutral and transparent standards (like HTTP), so does the emerging value web. Ripple Labs today announced it has joined the W3C Web Payment Interest Group to help lay the foundation for this Internet for value exchange. The Group's purpose is to increase the adoption and use of web payments by improving conditions such as the interoperability of systems.
"The lack of universal standards within today's financial system has led to increased systemic costs and hindered economic progress," said Ripple Labs CTO Stefan Thomas. "Much like the information web, we believe that open, neutral standards will create a more competitive environment resulting in improved efficiency and greater access in financial systems."
Ripple Labs' mission is to enable the world to move money as easily as information moves on the web today. The company is the developer of Ripple, an Internet protocol that interconnects financial systems to securely transfer funds in any currency in real time. Ripple and its ability to power real-time settlement is only one of the many key components that will make the value web possible.
"Critically, we believe that there will be multiple protocols and ledgers that make up the value web," continued Thomas. "However, they will all benefit from standardized interfaces and greater interoperability. 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."
As part of the Web Payments Interest Group, Ripple Labs will promote the need for web settlement standards and encourage the exploration of ways in which these standards could enable clearing and settlement across currently disparate payment networks.
Banks, money transmitters and clearinghouses can use Ripple as a settlement technology and alternative to correspondent banking to facilitate straight through processing with no reserve funding required. Earthport, the largest open network for global bank payments, and three banks in the United States and Germany recently announced deployments of Ripple.
About Ripple Labs
Ripple Labs developed the Ripple protocol, an Internet for money that enables the free and instant exchange of anything of value. The San Francisco-based startup is funded by Google Ventures, Andreessen Horowitz, IDG Capital Partners, Core Innovation Capital, FF Angel, Lightspeed Venture Partners, Bitcoin Opportunity Corp. and Vast Ventures.
Named one of 2014's 50 Smartest Companies by MIT Technology Review, Ripple Labs' team of 80 is comprised of deeply experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They contribute code to the open-source software, as well as develop tools for and recruit financial institutions and payment networks to use Ripple. The team shepherds a movement to evolve finance so that payment systems are open, secure, constructive and globally inclusive.
For more information about Ripple Labs, please visit http://www.ripplelabs.com/
About Ripple
Ripple is an Internet protocol that interconnects all the world's disparate financial systems to enable the secure transfer of funds in any currency in real time -- consider it an Internet for money. As settlement infrastructure, Ripple transforms and enhances today's financial systems. Ripple unlocks assets and provides access to payment systems for everyone, empowering the world to move value like information moves today.
For more information about Ripple, please visit http://www.ripple.com/
Related News
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....
Payment exchange network Ripple Labs recently appointed Norman Reed as its general counsel. A law graduate from Columbia University, Reed started his career at a large international firm where he worked for three years. He later joined the prestigious Federal Reserve Bank of New York, where he got to know Karen Gifford - Ripple Labs's Chief Compliance Officer, also a former New York Fed. "In the wake of BCCI - along with some other shifty things happening in the early 1990s in the banking industry - the Fed wanted to start up an enforcement group styled after the SEC enforcement group,"....
Ripple Labs is on the lookout for developers and entrepreneurs alike this week. The Ripple Accelerator, an incubator designed to help companies using the Ripple protocol, opened in San Francisco. And Ripple Labs, the firm behind the open-source digital payment protocol, has launched a developer offensive to encourage third-party apps and services to support it. The Ripple Accelerator is designed as an independent entity, not influenced by Ripple Labs. It is operated by CrossCoin Ventures, a separate group of four partners, two of whom run the Menlo Incubator. However, it is located in the....
Following the Commonwealth Bank of Australia's (CBA) move to partner with Ripple Labs in using blockchain technology for its offshore transactions, other banks in Australia joined the bandwagon. Westpac and Australia New Zealand Banking Group (ANZ) are also working to test payment technology offered by Ripple Labs. According to Westpac, it is in the early stages of a proof of concept using the Ripple network in which staff are making low-value international payments to two other countries. ANZ is still in the middle of constructive conversations with Ripple and is in the process of....
San Francisco-based Ripple Labs, the startup behind the digital payment network Ripple, has joined the International Payments Framework Association (IFPA). The Association, whose members include the likes of ACH, NACHA and SWIFT, provides rule sets, best practices and guidance on how to improve cross-border payments. Nilesh Dusane, director of business development at Ripple Labs, said that the company was