Crypto company Ripple Labs joined the Bank of International Settlements (BIS) cross-border payments interoperability and extension (PIE) task force.
Ripple Labs became a member of the PIE task force, whose main goal is to strengthen international interoperability and improve cross-border transfer capabilities between G20 countries. As a member of the group, Ripple will collaborate with other organizations such as Mastercard and SWIFT.
Other objectives of the PIE group include:
- improving international payments through increased availability of payment systems;
- extending the operating hours of payment systems;
- creating connectivity between different payment systems;
- developing a common application programming interface with messaging aspects for international payment systems.
The BIS representatives also emphasized that improving payment systems requires worldwide coordination and cooperation between stakeholders in both public and private sectors.
Ripple Labs is actively expanding its cooperation with government agencies in various countries around the world, despite the fact that the legal proceedings with the U.S. SEC are still pending. Thus, it became known about Ripple’s collaboration with the Central Bank of Colombia in the implementation of blockchain technologies.
