Ripple Labs has joined the W3C Web Payment Interest Group to help lay the foundation for the emerging value web.
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The group will work towards increasing the adoption and use of web payments by improving the interoperability of systems.
As part of the Web Payments Interest Group, Ripple Labs will advocate the need for web settlement standards and encourage research to lay standards for clearing and settlement across currently disparate payment networks.
Ripple Labs’ internet protocol, Ripple that interconnects financial systems to securely transfer funds in any currency in real time will make the value web possible.
Ripple Labs CTO Stefan Thomas said: "The lack of universal standards within today’s financial system has led to increased systemic costs and hindered economic progress.
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By GlobalData"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."
