Some background context from Ripple Insights 2016.....this is a major breakthrough!
“W3C Web Payments”
“Web payments standards are a long time coming.”
“A Web Payments Community Group was set up nearly four years ago and in October 2015 it graduated to a working group of 175 members comprised of large incumbents such as Visa Europe, Google and the Fed as well as smaller startups.”
“The working group’s current goal is to develop a browser-based checkout API that makes it easy for developers to integrate payments into the Web without playing favorites to certain methods. For instance, the working group doesn’t care whether a consumer wants to purchase with ACH, a credit card or Bitcoin, but instead wants all those options to have the same chance of being deployed, expanding both consumer and merchant choice.”
“Ripple, for instance, will be one of the solutions sitting on top of ILP. The company is creating software that integrates the legacy bank systems with the protocol. These top layers are where regulatory guidelines must be upheld.”
“Thomas compares ILP to TCP/IP, the basic communication protocol of the internet, because ILP doesn’t care why two parties are transacting, just that both parties agree to transact. Layers on top of ILP, such as Ripple he equates to HTTP, SMTP and so on–application-specific protocols that know the details of a transaction, such as whether they’re legal and intended.”
“Having a standardized protocol for payments could drastically change the ecosystem.”