Ripple Joins Global Task Force for Advancing Cross-Border Payments within BIS

Bank for International Settlements (BIS) has taken a significant stride in advancing cross-border payments through its newly unveiled interoperability and extension (PIE) task force. The impressive roster of participants now includes the pioneering blockchain-based digital payment network, Ripple.

The announcement made on August 9 sheds light on the PIE task force’s recent meeting held on May 11. A key objective of this collaborative initiative is to bolster cross-border payments and align with the G20’s endorsed quantitative targets. Functioning under the aegis of the BIS Committee on Payments and Market Infrastructure, the task force aims to reshape the landscape of global payments.

Central to this endeavor is the optimization of payment systems’ accessibility, operational hours, and connections. The PIE task force seeks to forge robust links between various payment systems, orchestrating the integration of application programming interfaces and messaging components. Such enhancements promise to instigate a transformative evolution in cross-border payments.

Ripple, an innovative member of this task force, is set to collaborate with distinguished peers such as Mastercard and SWIFT. Together, they are positioned to propel BIS’ overarching vision of fostering seamless interoperability across cross-border payments.

The BIS underlines that catalyzing improvements in payment systems hinges upon the harmonious alignment of efforts from public and private sector stakeholders across the globe. The intricate nature of the cross-border payment ecosystem necessitates a united front, driving home the importance of cross-sectoral cooperation.

In a parallel development, a spotlight remains on the ongoing legal contest between Ripple Labs and the United States Securities and Exchange Commission (SEC). In a recent twist, the SEC is seeking an interlocutory appeal, marking a noteworthy chapter in this high-stakes legal saga. The SEC’s proactive step involves soliciting a fresh evaluation of the decision, even as the case’s adjudication continues. This development adds another layer of intrigue to the unfolding narrative between Ripple and the regulatory authority.

In summation, the inclusion of Ripple in the BIS PIE task force signifies a significant stride towards revolutionizing cross-border payments. The collaborative pursuit of enhanced interoperability and alignment with global standards underscores the collective commitment of the participants. Simultaneously, the legal tussle with the SEC introduces a fresh dimension to Ripple’s journey, injecting anticipation into its trajectory.

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