AI Summary
- According to a recent BIS CPMI report, a joint panel will be conceived in early 2025 that will meet semiannually to make the transition to ISO 22022 smooth. The BIS Committee on Payments and Market Infrastructures (CPMI) has announced more steps to help aid in the adoption of ISO 20022.
- ISO 20022 is a global payment standard to help facilitate efficient, interoperable global payments for individuals and businesses.
- Ripple, a member of the ISO 20022 Standards Body, is helping to improve interoperability between countries to facilitate greater, secure, cross-border payments.
- As a member of the ISO 20022 Standards Body, there are many hints that Ripple may take a more prominent role in the new standard’s global implementation.
Will Ripple be making an appearance? According to a recent BIS CPMI report, a joint panel will be conceived in early 2025 that will meet semiannually to make the transition to ISO 22022 smooth.
The BIS Committee on Payments and Market Infrastructures (CPMI) has announced more steps to help aid in the adoption of ISO 20022.
ISO 20022 is a global payment standard to help facilitate efficient, interoperable global payments for individuals and businesses.
BIS CPMI promotes ISO 20022
Ripple, a member of the ISO 20022 Standards Body, is helping to improve interoperability between countries to facilitate greater, secure, cross-border payments.
According to the BIS Committee on Payments and Market Infrastructures, a joint panel for the adoption of the new standard will be formed in early 2025.
Throughout the year, the panel will meet and discuss the maintenance of the standard. According to a recent update from Swift Banking, the new standard aims to become a new normal by November 2025.
Early adopters of the standard have reported improved efficiency, interoperability, and settlement speed improvements.
From Swift:
Early adopters are already beginning to see improvements, including increased interoperability across systems and enhanced processing capabilities, but more are expected as momentum builds towards the 2025 deadline.
Ripple XRP and ISO 20022
As a member of the ISO 20022 Standards Body, there are many hints that Ripple may take a more prominent role in the new standard’s global implementation.
After Brad Garlinghouse’s meeting with President Donald Trump, Ripple is expecting XRP ETFs and greater growth for RLUSD, Ripple’s USD stablecoin.
One of RLUSD’s main use cases has been for the stablecoin to become an integral part of cross-border payments via RippleNet.
At the heart of the ISO 20022 standard is CBPR+ (cross-border payments) and interoperability not only for countries but also for global institutions.
The world is converging on a new global standard—ISO 20022, the de facto global data standard for modern payments.
To help enable this next step in global interoperability and meet the evolving needs of our customers, Ripple is now part of the ISO 20022 Standards Body
As the deadline for ISO 20022’s global implementation approaches, more prominent evidence of Ripple’s part in the new standard may become apparent throughout the wider financial industry.
