ISO 20022 – new global transaction standard for financial institutions
ISO 20022 is an international standard for exchanging electronic messages between financial institutions, which is implemented through SWIFT (Society for Worldwide Interbank Financial Telecommunication). ISO 20022 is the successor to ISO 15022 and is based on the XML language, making it easy to process and exchange data between different information systems.
The International Organization for Standardization (ISO) developed the new standard and is now used in many countries worldwide. The aim of implementing ISO 20022 is to improve interoperability and standardize the transfer of financial information between different financial institutions and systems worldwide. The new system also prevents errors, delays, and financial fraud, such as money laundering.
What is ISO 20022 in crypto?
In addition to traditional banking, the transition from conventional SWIFT messages to ISO 20022 is also expected to affect the crypto industry. It is assumed that cryptocurrencies compliant with the standard will likely join the traditional financial system more quickly.
Thus, the coexistence of the cryptocurrency and fiat currency ecosystems will occur.
ISO 20022 crypto coins list
Some cryptocurrencies are already ISO 20022 compliant, and these include.
Ripple (XRP), an ISO 20022 Standards Body token, was created to merge the world of cryptocurrencies and fiat. Other ISO 20022-compliant cryptocurrencies include Stellar Lumens (XLM), XinFin (XDC), Iota (IOTA), Algorand (ALGO), Hedera Hashgraph (HBAR) and Quantum (QNT).
ISO 20022 compliant crypto
Although it has no direct connection to Blockchain technology, ISO 20022 can be used in conjunction with Blockchain to improve data integrity and interoperability in financial transactions. Payment instructions, invoices, and other financial documents have a standard format according to ISO 20022 crypto. Additionally, the structured ISO 20022 crypto data format might enhance the security of financial transactions on the Blockchain by, among other things, preventing data modification. The Blockchain Analytics Platform for anti-money laundering is also important to highlight in this context.