Ripple Teams Up with BIS to Enhance Cross-Border Payments
The Bank for International Settlements (BIS) has recently formed a cross-border payments interoperability and extension (PIE) task force, and Ripple, a blockchain-based digital payment network, is among the members.
In a summary of the task force’s May 11 meeting, BIS stated that the goal of the task force is to “enhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20.” The task force is part of the BIS Committee on Payments and Market Infrastructure.
One of the objectives of the PIE task force is to enhance cross-border payments by improving access to payment systems, extending operating hours, and establishing links between different payment systems. This includes linking application programming interfaces (APIs) and messaging aspects.
Ripple will collaborate with other organizations, such as Mastercard and SWIFT, as part of the task force. The aim is to improve the interoperability of cross-border payments, aligning with BIS’ mission.
BIS emphasizes that enhancing payment systems requires global coordination and cooperation between stakeholders in the public and private sectors.
SEC Lawsuit Update
In other Ripple news, there is an ongoing lawsuit between Ripple Labs and the United States Securities and Exchange Commission (SEC). The SEC recently sought an interlocutory appeal by sending a letter to the presiding judge. The SEC believes that the court’s decision should be reviewed by an appellate court, even while the case is still pending.
Ripple’s inclusion in BIS’ cross-border payments task force is an important step towards improving efficiency and interoperability in global transactions. This collaboration with influential players like Mastercard and SWIFT highlights Ripple’s commitment to revolutionizing the payments industry. To stay updated with the latest news and developments in the crypto world, check out Uber Crypto News.