The Bank for International Settlements (BIS) has unveiled the formation of the Cross-Border Payments Interoperability and Extensions (PIE) working group, with participation from Ripple, a blockchain-based digital payments network.
In a Summary Released on August 9, BIS OUTLINED The Objectives of the Pie Working Group As Streangthening Cross-Border Payments to Align with G20 Goals. This Workin G GROUP Operates within the BIS Committee On Payments and Market Infrastics. The Aim of the Pie Working Group is to enhance cross-border payments by improving access to payment systems, extending their operational duration, and establishing connections between diverse payment systems, which includes linking application programming interfaces and messaging aspects.
Ripple, alongside other entities like Mastercard and SWIFT, will collaborate within the working group to contribute to the BIS's mission of enhancing the interoperability of cross-border payments. BIS emphasized the significance of global coordination and cooperation between public and private sector stakeholders for the advancement of payment systems.
In a separate development related to Ripple, in the ongoing lawsuit between the company and the US Securities and Exchange Commission (SEC), the SEC has requested an interlocutory appeal. The SEC submitted a letter on August 9 to the presiding judge, indicating the need for the appeals court to revisit the decision. The SEC deemed this review necessary and sought the reconsideration of the ruling while the case is in progress.
