TOOL · GLOBAL
Linux Foundation recruits 40 finance firms behind x402 internet payments protocol
The Linux Foundation has assembled 40 financial services and technology companies to standardize x402, an open protocol for sending payments directly over the internet, reducing dependency on legacy payment rails.
WHY IT MATTERS
Open-standard payments infrastructure reduces switching costs and vendor lock-in for issuers; early adoption by incumbent banks signals willingness to challenge card networks and correspondent banking models.
Source: Finextra · 2026-07-16