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.