The Bank for International Settlements (BIS) recently announced a cross-border payments interoperability and extension (PIE) task force that includes blockchain-based digital payment network Ripple.
On Aug. 9, BIS shared a summary of its PIE task force May 11 meeting, in which it says that the members of the task force will work to “enhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20.” The task force is a part of the BIS Committee on Payments and Market Infrastructure.
The BIS Committee on Payments and Market Infrastructures has announced the membership of its cross-border payments interoperability and extension taskforce. For further details, look here https://t.co/yDQmdOmp9m pic.twitter.com/8G9UpOaDtL
— Bank for International Settlements (@BIS_org) August 9, 2023
According to BIS, the PIE task force will also enhance cross-border payments by improving access to payment systems, extending payment system operating hours and creating links between different payment systems, including linking application programming interfaces and aspects of messaging.
As a member of the task force, Ripple will work with other organizations such as Mastercard and SWIFT to fulfill BIS’ goal of improving the interoperability of cross-border payments.
BIS also highlighted that improvements to payment systems require global coordination and cooperation between stakeholders in both the public and private sectors.
Meanwhile, in a recent update on the lawsuit between the United States Securities and Exchange Commission and Ripple Labs, the SEC is looking for an interlocutory appeal. On Aug. 9, the SEC sent a letter to the judge presiding over the case, saying that the decision warrants a fresh look by an appellate court. The SEC believes a review is warranted, asking the ruling to be reviewed even while the case is still pending.