Ripple’s ISO 20022 Standards Are Gradual Adoption

ISO 20022 is progressively becoming the global standard for cross-border payment flows worldwide. Ripple has been a pioneer in this transition, with its RippleNet network built from the ground up with ISO 20022 standards.

Ripple announced in 2020 that it had joined the ISO 20022 Registration Management Group (RMG), making it the first member focused on Distributed Ledger Technology (DLT).

ISO 20022 is the global data standard for contemporary payment communications between banks and payment systems.

SWIFT, the global financial communications service, has approved the community’s proposal to begin ISO 20022 conversion in March 2023.

On October 20, the ECB announced its intention to postpone the Eurosystem’s ISO 20022 migration by four months, from November 2022 to March 2023. The Eurosystem comprises the ECB and the national central banks (NCBs) of the eurozone nations.

According to recent sources, the ISO 20022 standard will be implemented in April 2023 by the Clearing House Automated Payment System (CHAPS), a U.K.-based system that handles massive British pound-denominated money transactions.

Fedwire has set a March 2025 deadline for the changeover of ISO 20022 communications in the United States. In contrast, FedNow, a new rail service designed by the United States Federal Reserve Banks, has set a mid-2023 deadline.

The use of ISO 20022 in cross-border payments has always been limited. As a result, Ripple and its RippleNet clients were among the first to implement ISO 20022 for cross-border payments.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News