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.
Ripple among other members of the PIE task force. Source: BIS
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.
Related: BIS gives CBDCs a thumbs up, crypto the middle finger in reports to G20 ministers
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.
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