The Bank for International Settlements (BIS) has recently announced a cross-border payments interoperability and extension (PIE) task force which includes the blockchain-based digital payment network, Ripple.
On Aug. 9, BIS announced the members of the PIE task force that 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 (CPMI).
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 the 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. This includes linking application programming interfaces (APIs) and linking aspects of messaging.
Ripple was one of the financial infrastructures included in the task force. The blockchain-based payment network will work with other task force members such as Mastercard and SWIFT to fulfill the BIS’ goal of improving the interoperability of cross-border payments.
The BIS also highlighted that engagement between private and public sectors is a key element for the G20 cross-border payments program. The BIS recognized 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 (SEC) and Ripple Labs, the SEC is looking for an interlocutory appeal for the case. 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 that a review is warranted, asking the ruling to be reviewed even while the case is still pending.