The document discusses a new system called Pay Identity that allows users to have one consistent identity for making payments across different platforms and devices. Pay Identity creates a single profile for individuals and businesses that includes a website, email, phone number and payment methods. It also includes an Identity App for creating profiles and an API for banks and institutions to support human-readable payment information by consuming the API. The system aims to standardize identities for payments in a way that is built for humans rather than machines.