According to Cointelegraph, Ripple, the company behind the digital payment protocol and cryptocurrency XRP, has joined the Bank for International Settlements (BIS) cross-border payments task force. This development marks Ripple's dedication to improving the international payments ecosystem and promoting the adoption of innovative, efficient, and accessible solutions.
The BIS task force, which comprises a group of central banks and financial institutions, focuses on reducing friction in cross-border transactions. Its mission is to develop best practices, standards, and guidelines to facilitate secure and efficient international payments, aiming to lower costs, decrease transaction times, and increase transparency.
By joining the BIS task force, Ripple will contribute its expertise in blockchain and digital assets to the broader financial community. This collaboration could result in improved interoperability between different payment systems and accelerate the adoption of blockchain-based solutions in the international payment space, driving further innovation and inclusivity within the global financial ecosystem.
