BIS, Ripple Team Up To Make Cross-Border Payments Faster And Cheaper

The Bank for International Settlements (BIS) unveiled a new initiative called the Payments Interoperability and Extension (PIE) task force, which will feature the participation of the blockchain-powered payment platform Ripple XRP/USD.

In a recap of the PIE task force gathering held on May 11, BIS revealed on Aug. 9 the group's objective is to "boost cross-border transactions and achieve the quantitative benchmarks for such payments set by the G20."

The G20 (Group of 20) is an intergovernmental forum that comprises of 19 countries, including the U.S., and the European Union.

The BIS added that the task force aims to elevate cross-border transactions by enhancing accessibility to payment systems, extending their operational hours, and establishing connections among various payment systems.

This includes integrating application programming interfaces and certain messaging components.

This initiative falls under the purview of the BIS Committee on Payments and Market Infrastructure.

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Ripple, as a participant in the task force, will collaborate with other major entities like Mastercard Inc MA and SWIFT to realize BIS's vision of refining the cross-border payment system's interoperability.

BIS emphasized the necessity for international collaboration and a unified approach involving both public and private sector stakeholders to bring about advancements in payment systems.

Meanwhile, amid the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the former has expressed its intention for an interlocutory appeal.

In a letter dated Aug. 9, the SEC communicated to the presiding judge its belief that the case merits reconsideration by an appellate court, urging for an evaluation even as the case continues.

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