Ripple Joins BIS's Task Group to Boost Cross-Border Payments

Ripple Joins BIS’s Task Group to Boost Cross-Border Payments

Time Stamp: August 10, 2023 2:11 PM
Source Node: 2206233
  • According to BIS, the PIE task force will also improve cross-border payments.
  • Ripple will collaborate with other members, including Mastercard and SWIFT.

Ripple is now a member of the cross-border payments interoperability and extension (PIE) task group recently launched by the Bank for International Settlements (BIS).

The Bank for International Settlements (BIS) released a report of the May 11 meeting of the PIE task force on August 9. The summary said that the task force members would strive to boost cross-border payments. BIS’s Committee on Payments and Market Infrastructure is home to the task force.

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According to BIS, the PIE task force will also improve cross-border payments by expanding access to payment systems, elongating the operation hours of payment systems, and building linkages between various payment systems.

Ripple, now a part of the task force, will collaborate with other members, including Mastercard and SWIFT, to achieve BIS’s aim of enhancing the interoperability of international money transfers. BIS also noted that governmental and commercial sector entities worldwide would need to work together on improving payment systems.

Ripple had a market rise after their partial victory against the United States SEC. Relisting on multiple exchanges was one of the several optimistic outcomes of the judgment. On the other hand, the U.S SEC is seeking an interlocutory appeal, according to a new development in the SEC’s action against Ripple Labs.

The SEC argued in a letter delivered to the judge on August 9 that the judgment should be reviewed again by an appellate court. According to CMC, the price of XRP is now trading at $0.6281, down 3.32% in the last 24 hours.

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