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<p class="is-style-lead">The Bank for International Settlements (BIS) has introduced a cross-border payments interoperability and extension (PIE) task force, with Ripple, the blockchain-based digital payment network, being one of its notable participants. XRP, a cryptocurrency used by Ripple in its On-Demand Liquidity (ODL) solution, was recently classified as not a security.</p> 
<p>The BIS, an international financial institution owned by member central banks, released a summary of the PIE task force’s&nbsp;<a href="https://www.bis.org/cpmi/pietf/pietf_summary_230511.pdf" target="_blank" rel="noopener noreferrer nofollow">meeting</a>&nbsp;on May 11, which outlines the task force’s commitment to enhancing cross-border payments and achieving the quantitative goals established by the G20 in this area.</p> 
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   <p lang="en" dir="ltr">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 <a href="https://t.co/yDQmdOmp9m" target="_blank" rel="noopener noreferrer nofollow">https://t.co/yDQmdOmp9m</a> <a href="https://t.co/8G9UpOaDtL" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/8G9UpOaDtL</a></p>— Bank for International Settlements (@BIS_org) <a href="https://twitter.com/BIS_org/status/1689238113653059585?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 9, 2023</a> 
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<p>The Financial Stability Board (FSB), an international organization dedicated to the global financial system,&nbsp;<a href="https://www.fsb.org/wp-content/uploads/P230223.pdf" target="_blank" rel="noopener noreferrer nofollow">presented</a>&nbsp;priority actions for achieving G20 targets in February 2023.&nbsp;</p> 
<p>It emphasized accelerating transaction speed, reducing costs, and enhancing transparency, safety, and security in cross-border transactions.&nbsp;</p> 
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<p>The FSB collaborated with the Committee on Payments and Market Infrastructures (CPMI) and other relevant international organizations to develop a comprehensive Roadmap to address these challenges, which G20 Leaders endorsed in November 2020.</p> 
<p> You might also like: <a href="https://crypto.news/fsb-finally-publishes-global-regulatory-framework-for-crypto-activities/" rel="noopener noreferrer nofollow"> FSB finally publishes global regulatory framework for crypto activities </a> </p> 
<p>The report indicates that the CPMI/Payments Market practice group joint task force is expected to deliver the final version of ISO 20022 by October 2023.</p> 
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   Page From The Task Force List | Source: <a href="https://www.bis.org/cpmi/cross_border/events.htm" target="_blank" rel="noopener noreferrer nofollow">BIS</a> 
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<p>Ripple, Mastercard, and SWIFT are collaborating with the BIS to enhance cross-border payment interoperability. The BIS emphasizes the need for global cooperation, with progress depending on both public and private stakeholders.</p> 
<p>Despite being included in the G20 payments initiative task force, Ripple is involved in a legal dispute with the US Securities and Exchange Commission (SEC). The regulator has requested a review of the recent court decision labeling XRP a commodity through an appellate court, despite the unresolved case, which leaves Ripple’s future uncertain.</p> 
<p> Read more: <a href="https://crypto.news/sec-challenges-ripple-with-appeal-over-xrps-status/" rel="noopener noreferrer nofollow"> SEC challenges Ripple with appeal over XRP’s status </a> </p>

Ripple joins forces with BIS in cross-border payments initiative

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