Ripple Collaborates with BIS to Revolutionize Cross-Border Payments

Ripple, the blockchain-based digital payment network, has been enlisted by the Bank for International Settlements (BIS) to be a part of its newly formed cross-border payments interoperability and extension (PIE) task force. This move underscores the growing recognition of blockchain’s potential in reshaping the global payments landscape.

The Bank for International Settlements (BIS), headquartered in Basel, Switzerland, functions as the central bank for other central banks globally. Founded in 1930, its primary mission is to foster global monetary and financial stability. The institution facilitates dialogue among central banks, allowing them to share insights and collaborate on monetary and financial issues. Beyond its role as a forum, the BIS conducts in-depth research on global economic and financial trends and provides banking services to central banks and international entities.

According to an article by Cointelegraph, on 9 August 2023, BIS released a summary of its PIE task force meeting held on 11 May 2023. The primary objective of this task force, which falls under the BIS Committee on Payments and Market Infrastructure, is to bolster cross-border payments. This initiative aligns with the quantitative targets for cross-border payments endorsed by the G20.

The task force’s mandate includes enhancing access to payment systems, extending the operating hours of these systems, and establishing connections between various payment systems. This would involve integrating application programming interfaces (APIs) and refining messaging aspects. Ripple, in collaboration with other major players like Mastercard and SWIFT, will play a pivotal role in achieving the BIS’s vision of seamless cross-border payments.

BIS emphasized the necessity for global coordination in this endeavor, highlighting the importance of collaboration between public and private sectors. Such partnerships are crucial to drive innovation and ensure the smooth functioning of international payment systems.

In related news, the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs witnessed a new development. The SEC recently expressed its intention to seek an interlocutory appeal. On August 9th, the regulatory body communicated to Judge Torres, suggesting that the case’s current decision should undergo a review by an appellate court. The SEC’s stance is that the ruling merits a reevaluation, even as the case proceedings continue.

Featured Image Credit: Photo / illustration by vjkombajn via Pixabay

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