Ripple Labs today announced it has joined the W3C Web Payment Interest Group to help build the foundation of the Value Web.
The Group’s purpose is to increase the adoption and use of web payments by improving conditions such as the interoperability of systems.
Ripple Labs CTO Stefan Thomas commented,
The lack of universal standards within today’s financial system has led to increased systemic costs and hindered economic progress.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 is the developer of Ripple, a cryptocurrency-based Internet protocol that interconnects financial systems to securely transfer funds in any currency in real time.
Critically, we believe that there will be multiple protocols and ledgers that make up the value web. 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 says it 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 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.