AI Summary
- Ripple (XRP) is a member of the ISO 20022 Standards Body helping to improve the transparency, speed, and accessibility of cross-border payments.
- With one year to go until ISO 20022 for CBPR (Cross-border Payments and Reporting Plus) is implemented worldwide, Swift has reported on improvements from early adopters of the new standard. According to Swift, those who have taken up the standard in 2024 are able to work with interoperability across multiple systems and better processing capabilities. .
- In a recent statement, Swift has encouraged businesses to adopt the new ISO 2022 Standards Body early, before their November 2025 deadline.
- Ripple’s participation in ISO 20022 could make RippleNet more accessible to businesses and banks looking to leverage blockchain tech for cross-border payments.
Ripple (XRP) is a member of the ISO 20022 Standards Body helping to improve the transparency, speed, and accessibility of cross-border payments.
With one year to go until ISO 20022 for CBPR (Cross-border Payments and Reporting Plus) is implemented worldwide, Swift has reported on improvements from early adopters of the new standard.
According to Swift, those who have taken up the standard in 2024 are able to work with interoperability across multiple systems and better processing capabilities.
Swift on cross-border payments systems
In a recent statement, Swift has encouraged businesses to adopt the new ISO 2022 Standards Body early, before their November 2025 deadline.
The new international standard aims to forge a common language for financial institutions and businesses when it comes to exchanging data.
Swift has reported that early adopters of the standard including banks and businesses are benefiting from more structured data, improved compliance, and enhanced harmonization between various payment systems.
More than one million ISO 20022 messages are now being sent over our network each day in ISO 20022 format, to 220 countries and territories worldwide.
As adoption increases, the financial industry is poised to unlock new levels of efficiency and innovation in cross-border payments.
Ripple as part of ISO 20022
Ripple’s participation in ISO 20022 could make RippleNet more accessible to businesses and banks looking to leverage blockchain tech for cross-border payments.
RippleNet aims to connect its users to a wide list of global financial institutions to a standardized API for all counterparty transactions.
With XRP ready to be accepted into the new standardization, the token may go a long way in helping improve efficiency and finalizations.
From Ripple on ISO 20022:
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—the first member focused on Distributed Ledger Technology (DLT).
Aside from XRP, projects and tokens that are already involved with the new standard include Stellar Lumens (XLM), Algorand (ALGO), Hedera Hashgraph (HBAR), Chainlink (LINK), Quant (QNT), and Cardano (ADA).
Some of these tokens are commonly referred to as ‘dino’ coins due to their age since being established in the early days of crypto. Despite their old age, these projects are all working towards similar institutional goals where traditional finance and decentralized finance cross over.
