The task force is a section of the Committee on Payments and Market Infrastructure at the Bank of International Settlements.
With its interoperability and extension (PIE) task group, the Bank for International Settlements (BIS) is taking a brave step toward ushering in a new era of cross-border payments. On August 9th, BIS revealed its strategic partnership with Ripple, a blockchain-based digital payment network, in a move to alter the world of international payments. This announcement sent shockwaves across the financial world.
The PIE task force, an initiative of the BIS Committee on Payments and Market Infrastructure, aims to improve cross-border payments to conform to the quantitative goals established by the G20.
The BIS Committee on Payments and Market Infrastructures has announced the membership of its cross-border payments interoperability and extension taskforce. For further details, look here https://t.co/yDQmdOmp9mpic.twitter.com/8G9UpOaDtL
— Bank for International Settlements (@BIS_org) August 9, 2023
The task group pledges to improve cross-border payments by enhancing access to payment systems, extending the hours that payment systems are open, and building intricate links across various payment networks, according to a summary of its May 11th meeting. This network of connectivity is intended to include everything, from complex messaging aspects to application programming interfaces.
Related: CDC Report Finds Ripple Case Ruling to Be Important
Ripple Joins Forces
As the change of cross-border payments begins, Ripple assumes a prominent role as a crucial task force participant. By working side by side with powerful organizations like Mastercard and SWIFT, Ripple is well-positioned to support BIS‘ ambitious aim of revolutionizing cross-border payment interoperability. This collective effort, which cuts across both governmental and private sector barriers, emphasizes the value of international coordination and collaboration.
![Ripple Joins BIS Cross-Border Payments Task Force to Improve Global Payments image 73](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-73.png?resize=627%2C820&ssl=1)
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Legal Maneuvers and Fresh Perspectives
The United States Securities and Exchange Commission (SEC) announces its request for an interlocutory appeal in the ongoing litigation against Ripple Labs, which is a distinct but equally significant development.
The SEC requests a review by an appellate court in a letter sent to the presiding judge on August 9th, highlighting the importance of a fresh viewpoint on the case’s decision. The SEC’s resolve to request a new review notwithstanding the case’s ongoing processes demonstrates the seriousness of the implications of the legal dispute and the desire for complete justice.
The PIE task force of the BIS and the SEC’s tenacious legal action against Ripple interact in this dynamic environment to establish the contours of a future that is ready to rewrite the history of global finance.
Related: SEC to Appeal Ruling in Ripple Case, Seeking to Halt XRP Sales