Developing Payment Systems
On August 9, the Bank for International Settlements (BIS) shared a summary of the Task Force on Cross-Border Payments and Expansion (PIE) from its May 11 meeting, where the bank’s general assembly members announced their commitment to “improving cross-border payments and meeting the quantitative targets for cross-border payments approved by the G20.” The task force was launched as part of the BIS Committee on Payments and Market Infrastructures.
According to the Bank for International Settlements, the PIE task force will enhance cross-border payments by improving access to payment systems, extending payment system operating hours, and establishing connections between different payment systems, including linking messaging aspects with application programming interfaces.
Promising News for Ripple
As a member of the task force, Ripple will collaborate with leading financial institutions such as Mastercard and SWIFT to fulfill the Bank for International Settlements’ goal of enhancing interoperability in cross-border payments. The Bank for International Settlements also emphasized that improvements in payment systems require global coordination and cooperation among stakeholders in both the public and private sectors.
Meanwhile, in the latest developments regarding the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the SEC is seeking temporary appeal. On August 9, the SEC sent a letter to the presiding judge in the case stating that the decision should be reviewed by the appellate court. The SEC believes that a review is necessary and requests a reconsideration of the decision even as the case continues. Since the announcement of the court’s decision on July 14, everyone following the process has anticipated such a move from the SEC.
