Ripple and BIS Partner For Cross-Border Payments Interoperability Task Force

In a remarkable union of expertise and innovation, Ripple, a popular Crypto company, has partnered with the BIS to establish the Payments Interoperability and Extension (PIE) taskforce.

The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) task force, which focused on interoperability and extension, announced the expansion of it membership with Ripple’s addition.

This partnership represents a resolute commitment to revolutionize cross-border payment systems while addressing their complexities and shortcomings.

With engagement between the public and private sectors at the core of BIS, this collaboration aligns with the objectives of the G20 cross-border payments program.

And the collaboration also aims to drive improvements in the underlying systems and arrangements governing cross-border payments, emphasizing the need for global coordination and cooperation among diverse stakeholders.

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/yDQmdOmp9m pic.twitter.com/8G9UpOaDtL

— Bank for International Settlements (@BIS_org) August 9, 2023

Payments Interoperability and Extension (PIE) Task Force Bridging Gaps and Driving Change

The CPMI’s newly formed task force, the Payments Interoperability and Extension (PIE) task force, is tasked with responsibilities that encompass a wide array of aspects crucial to the success of cross-border payments.

Among its key functions, the task force is set to provide expert advice on market conventions and industry practices, aiming to streamline and optimize cross-border payment processes.

By facilitating both regional and global coordination, the PIE task force seeks to harmonize efforts and drive systemic improvements on a global scale.

As part of its forward-looking agenda, the PIE task force is poised to leverage the power of industry engagement.

Acknowledging the roadmap outlined by the G20 cross-border payments initiative, the task force aims to unleash the potential benefits of extended operating hours, expanded access, standardized messaging protocols, and improved interoperability across payment systems.

By identifying practical actions and sequencing them effectively, the task force contributes to a comprehensive work plan that paves the way for transformative changes in the global payments landscape.

As the world moves towards a more interconnected and digitized future, the partnership between Ripple and the BIS through the PIE task force underscores the importance of cooperative efforts in transforming global payment systems.

Through a convergence of expertise, strategic vision, and actionable steps, this collaboration stands to leave an indelible mark on the landscape of cross-border payments, benefiting economies, businesses, and individuals around the world.

NB: Any Information provided is NOT FINANCIAL ADVICE. Do Your Research before making any Financial Decisions.