Open Transaction Layer (OTL) officially launched as a new industry initiative focused on creating shared standards for on-chain finance. The project aims to simplify how financial companies, wallets, and blockchain platforms interact with each other across different networks and jurisdictions.
Among the founding partners are 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 one structure covering the full transaction process, including discovery, compliance, coordination, and settlement.
The technical structure of OTL includes four main layers: identity, session, transport, and messaging. Above them sits an application layer where companies can create tools for tasks like authenticating payment requests, verifying wallet ownership, or approving transactions before funds move.
According to the alliance, the standard is designed to work across 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 continues.
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