The Bank for International Settlements (BIS) recently announced the formation of a task force on cross-border payments interoperability and extension (PIE), which includes the blockchain-based digital payment network Ripple.

BIS released a summary of the PIE task force meeting on May 11th, stating that the task force members will seek to "enhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20." The task force is part of the BIS Payments and Market Infrastructure Committee.

According to the BIS, the PIE task force will also improve cross-border payments by enhancing access to payment systems, expanding payment system working hours, and connecting diverse payment systems, including interconnecting application programming interfaces and messaging features.

As a member of the task force, Ripple will collaborate with other organizations such as Mastercard and SWIFT to achieve BIS' goal of strengthening cross-border payment interoperability.

The BIS further stated that improving payment systems necessitates worldwide coordination and cooperation among stakeholders in both the public and private sectors.

Sources:

https://cointelegraph.com/news/ripple-joins-bis-cross-border-payments-task-force

https://www.bis.org/cpmi/pietf/pietf_summary_230511.pdf

https://www.bis.org/cpmi/cross_border/events.htm