On August 9th, Ripple (XRP) was officially welcomed by the Bank for International Settlements (BIS) as a member of its cross-border payments interoperability and extension task force.
This task force operates under the Committee on Payments and Market Infrastructure (CPMI) and aims to align cross-border payment systems with G20 goals. By enhancing accessibility, extending operational hours, and promoting interconnectivity among different systems, the group aims to facilitate smoother collaboration between various payment methods.
The Bank for International Settlements (BIS) stated, “The CPMI is working to bring together the relevant stakeholders via joint working groups, workshops, consultations and surveys to ensure both strategic perspective and the required subject matter expertise is available to the programme.”
The mission of the PIE task force is to simplify and expedite cross-border payments. It envisions improved accessibility and extended operating hours for payment systems, which will help in better collaboration between different systems. Ripple, along with Mastercard and SWIFT, will collaborate to enhance payment system coordination.
Meanwhile, Ripple remains entangled in a legal dispute with the United States Securities and Exchange Commission (SEC). Amidst the ongoing case, the SEC has sought a review from a higher court, underscoring the continuing legal battle.
Ripple’s inclusion in the BIS task force is a significant step towards smoother global payment collaboration, while its ongoing legal tussle with the SEC reflects ongoing challenges in the cryptocurrency space.
