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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 <a rel="noopener noreferrer nofollow" title="force" href="https://thebittimes.com/tag/force.html">force</a>’s&nbsp;meeting&nbsp;on May 11, which outlines the task <a rel="noopener noreferrer nofollow" title="force" href="https://thebittimes.com/tag/force.html">force</a>’s commitment to enhancing <a rel="noopener noreferrer nofollow" title="cross-border" href="https://thebittimes.com/tag/cross-border.html">cross-border</a> <a rel="noopener noreferrer nofollow" title="payments" href="https://thebittimes.com/tag/payments.html">payments</a> 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 <a rel="noopener noreferrer nofollow" title="cross-border" href="https://thebittimes.com/tag/cross-border.html">cross-border</a> <a rel="noopener noreferrer nofollow" title="payments" href="https://thebittimes.com/tag/payments.html">payments</a> interoperability and extension task<a rel="noopener noreferrer nofollow" title="force" href="https://thebittimes.com/tag/force.html">force</a>. For further details, look here https://t.co/yDQmdOmp9m pic.twitter.com/8G9UpOaDtL</p>— Bank for International Settlements (@BIS_org) August 9, 2023 
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 <p>The Financial Stability Board (FSB), an international organization dedicated to the global financial system,&nbsp;presented&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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  <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="How to make cross-border payments faster and cheaper" width="1020" height="574" src="https://www.youtube.com/embed/wED3i_4spP8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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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> 
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 <p>The report indicates that the CPMI/Payments Market practice group joint task <a rel="noopener noreferrer nofollow" title="force" href="https://thebittimes.com/tag/force.html">force</a> is expected to deliver the final version of ISO 20022 by October 2023.</p> 
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  <img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2023/08/11/3c0b481ef1ca88e5d6f4101434ba747b.webp" alt="Ripple joins forces with BIS in cross-border payments initiative - 1" class="wp-image-14184615" width="800" height="989"> 
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    Page From The Task Force List | Source: BIS 
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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> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SEC challenges Ripple with appeal over XRP’s status 
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Ripple joins forces with BIS in cross-border payments initiative

TheBitTimes

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