Ripple, a provider of corporate blockchain and cryptocurrency solutions, is one of the members in the Bank for International Settlements’ (BIS) task group on cross-border payments.
According to Cointelegraph on Thursday, August 10, in order to achieve BIS’s goal of “enhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20,” Ripple will collaborate with other companies, including Mastercard and SWIFT, as part of the cross-border payments interoperability and extension task force.
According to the report, BIS will strive to improve user access to payment systems, boost payment system hours of operation, and build links across multiple payment systems in order to do this.
According to the BIS, global coordination and collaboration among stakeholders in the public and private sectors is required for the growth of payment systems.
Cross-border transactions are rapidly rising as a result of digital innovations and new global settlement rails, yet there are still several issues with international payments and reconciliation.