The Bank for International Settlements (BIS), a global financial organization owned by central banks, has set up a special group called the Payments Interoperability and Extension (PIE) task force.
Ripple, a digital payment network that uses blockchain technology, is one of the important members of this task force. Ripple uses a cryptocurrency called XRP in its On-Demand Liquidity (ODL) solution. Recently, XRP was declared not to be a security.
The BIS shared a summary of the PIE task force’s meeting on May 11. This summary talks about how the task force is working to improve cross-border payments. They want to achieve the goals set by the G20, which is a group of important countries, to make these types of payments better.
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
The Financial Stability Board (FSB), a worldwide group focused on the world’s money system, shared important things to do in February 2023. They want to make cross-border payments faster, cheaper, and safer. They also want to make sure these transactions are easy to understand and secure.
The FSB worked together with the Committee on Payments and Market Infrastructures (CPMI) and other important groups to make a plan. This plan was endorsed by G20 Leaders in November 2020. This plan is like a map to solve these problems.
The report says that a special group made by CPMI is planning to finish the final version of something called ISO 20022 by October 2023.
Page From The Task Force List | Source: BIS
Global Companies Work Together to Improve Cross-Border Payments
Ripple, Mastercard, and SWIFT are teaming up with the BIS to make it easier to send money across borders. The BIS says it’s important for everyone, including governments and businesses, to work together.
Even though Ripple is part of a group trying to make payments better, it’s also dealing with a problem. They’re arguing with the US Securities and Exchange Commission (SEC). The SEC wants to change a recent decision that said Ripple’s cryptocurrency XRP is like a product. This is still not settled, and it makes Ripple’s future unsure.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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