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This is a really interesting side of this puzzle. When a bank says they support it - does that mean:

1) They will offer you the ability to configure your own PayID on their system, or

2) They provide a solution by which you may initiate transfer to and away from your account to other accounts using PayID.

The reason why I find this so interesting, is that many time for ACH agreement you need to provide them with your account and routing numbers and then they store that information. But if you only need to provide them a pointer and their software will make the necessary calls to your pointer to engage the transaction, you can affirm that you are the owner of these external accounts without revealing their details or where they are held. They must be working on some interesting services to handle these transactions behind the scenes if they are doing something like option 2.

In theory you could initiate an ACH transfer of USD from your bank-based PayID to an exchange-based PayID - and the middleware on that receiving side could be seeking a good market price for XRP across several exchanges and then engage that purchase and deposit it from your exchange account to a privately hosted wallet PayID.

It's the middleware that seems like where we are going to see a lot of secret sauce patents appear between the financial institutions that support the PayID addressing.

I find this whole new layer (and potential for interesting financial middleware) fascinating. I hope we start seeing some cool press releases soon from exchanges on how they plan to use it (beyond just making it easier to deposit your crypto).

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4 hours ago, jag216 said:

This is a really interesting side of this puzzle. When a bank says they support it - does that mean:

1) They will offer you the ability to configure your own PayID on their system, or

2) They provide a solution by which you may initiate transfer to and away from your account to other accounts using PayID.

The reason why I find this so interesting, is that many time for ACH agreement you need to provide them with your account and routing numbers and then they store that information. But if you only need to provide them a pointer and their software will make the necessary calls to your pointer to engage the transaction, you can affirm that you are the owner of these external accounts without revealing their details or where they are held. They must be working on some interesting services to handle these transactions behind the scenes if they are doing something like option 2.

In theory you could initiate an ACH transfer of USD from your bank-based PayID to an exchange-based PayID - and the middleware on that receiving side could be seeking a good market price for XRP across several exchanges and then engage that purchase and deposit it from your exchange account to a privately hosted wallet PayID.

It's the middleware that seems like where we are going to see a lot of secret sauce patents appear between the financial institutions that support the PayID addressing.

I find this whole new layer (and potential for interesting financial middleware) fascinating. I hope we start seeing some cool press releases soon from exchanges on how they plan to use it (beyond just making it easier to deposit your crypto).

you know what? i find you fascinating...

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19 hours ago, King34Maine said:

There are two, SC Ventures (Standard Chartered - traditional) and Sygnum Bank (Swiss digital bank): https://payid.org/about-us/

This means so long as you have a PayID Uri (or whatever it's refereed to in the White Paper) that you can send fiat back and forth from both of those banks, much like Zelle?

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2 hours ago, Panzer_Kitteh said:

This means so long as you have a PayID Uri (or whatever it's refereed to in the White Paper) that you can send fiat back and forth from both of those banks, much like Zelle?

Yes, that's the ultimate goal. I recommend watching this YouTube interview with Adam Traidman (CEO of BRD wallet and the SBI/Ripple Asia consortium) in its entirety as he offers quite a bit of insight not only in to PayID but about the SBI/Ripple partnership. He talks about PayID at the 12:35 mark: 

 

 

 

 

 

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