In 2023, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) will upgrade its payment system to the ISO 20022 standard, a move that will have implications for banks, crypto assets, and digital currencies.
The ISO 20022 standard aims to improve cross-border payments by standardizing financial transaction data elements. This standardization will make transactions faster, cheaper, and more transparent, benefitting banks and the crypto and digital currency markets.
The upgrade to ISO 20022 will enable banks to track and monitor their customers’ transactions better, reducing the risk of money laundering and other illicit activities. Additionally, it will make it easier for banks to comply with regulations such as the Financial Action Task Force’s (FATF) travel rule, which requires financial institutions to share customer information during transactions.
The ISO 20022 standardization will improve the interoperability between traditional financial institutions and digital assets for the crypto market. It will make it easier for crypto assets to be integrated into existing banking systems, allowing for increased adoption and usage.
Moreover, adopting the ISO 20022 standard may boost central bank digital currencies (CBDCs) by providing a standardized framework for their development and use.
In conclusion, the upgrade of SWIFT’s payment system to the ISO 20022 standard will have far-reaching implications for the banking, crypto, and digital currency markets.
The increased standardization and interoperability will provide benefits to all parties involved, from reducing transaction costs to improving regulatory compliance. The move towards a more standardized financial system will likely pave the way for greater adoption and growth in the crypto and digital currency markets.
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.
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