Open Transaction Layer (OTL) officially launched as a new industry initiative aimed at creating shared standards for on-chain finance. The project aims to simplify the way financial companies, wallets and blockchain platforms communicate with each other across different networks and jurisdictions.
Founding members include Fireblocks, Checkout.com, MetaMask, Robinhood, MoonPay and WalletConnect, along with blockchain organizations including Stellar Development Foundation, Solana Foundation and Polygon. The alliance also includes trading firms, banks, payment companies and infrastructure providers.
The project introduces a modular framework built on existing standards such as W3C DIDs, ISO 20022 and IVMS101. OTL organizes them into a single structure that covers the entire transaction process, including discovery, compliance, coordination and settlement.
The technical structure of OTL includes four main layers: identity, session, transport, and messaging. Above that is an application layer where companies can create tools for tasks such as authenticating payment requests, verifying wallet ownership, or approving transactions before moving funds.
According to the alliance, the standard is designed to work with both custodial and non-custodial wallets, multiple blockchains and different transport systems. The specifications are already available under an open source license on the OTL website, while reference implementations will be released gradually as development progresses.
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