BIS Collaborates with Ripple for Cross-Border Payment Innovation

A member of the cross-border payments interoperability and extension (PIE) task force that the Bank for International Settlements (BIS) recently announced is Ripple, a blockchain-based digital payment network.

On August 9, BIS released a summary of the May 11 meeting of its PIE task force, in which it states that the task force members will work 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 Payments and Market Infrastructure Committee. According to BIS, the PIE task force will also improve cross-border payments by enhancing access to payment systems.

Ripple among other members of the PIE task force. Source: BIS

Extending the operating hours of payment systems, and establishing links between various payment systems, including the linking of application programming interfaces and aspects of messaging.

As a member of the task force, Ripple will collaborate with other organizations, such as Mastercard and SWIFT, to achieve the BIS’s objective of enhancing the interoperability of cross-border payments.

BIS also emphasized that enhancements to payment systems necessitate global coordination and cooperation between public and private stakeholders.

In a recent lawsuit update involving the United States Securities and Exchange Commission and Ripple Labs, the SEC seeks an interlocutory appeal.

On August 9, the SEC sent a letter to the judge presiding over the case requesting that an appellate court review the ruling. The SEC believes that a review is merited and has requested a review of the ruling even though the case is still pending.