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$XRP 🚨 ISO 20022: A standard that will change the world of global payments 🌐💥
What is the ISO 20022 standard?
ISO 20022 is a global standard for financial communications, designed to create a uniform and unified language for transferring data in payments, money transfers, and other financial processes. The standard enables the transfer of richer, more accurate, and more unified data between financial institutions around the world.
What is the purpose of the standard?
1️⃣ Unifying global systems: Creating a uniform standard that ensures that all financial institutions can “speak the same language.”
2️⃣ Improving transparency: Transferring richer and more detailed data ensures transparent and verifiable processes.
3️⃣ Supporting new technologies: Adapting to the world of blockchain and digital currencies, while improving connectivity between traditional and decentralized systems.
4️⃣ Reduce errors and costs: Standardization reduces errors in the process and leads to operational efficiency.
Who is obligated to the ISO 20022 standard?
The transition to this standard is not just a recommendation, but a requirement for banks, financial institutions, and payment companies involved in cross-border payments.
• SWIFT: The international payments network is leading the transition to the standard, and requires all network members to implement it by November 2025.
• Central banks: Institutions such as the European Central Bank (ECB) and the Bank of Japan (BOJ) are already implementing the standard in their payment infrastructures.
• Global financial institutions: Anyone involved in international payments is required to meet the requirements of the new standard.
Benefits for projects like XRP and XLM
🔗 XRP: The ISO 20022 standard supports technologies like RippleNet, which enable fast and low-cost cross-border money transfers.
🌟 XLM: Stellar, which focuses on micropayments and bank partnerships, is well-positioned to benefit from the adoption of the standard.
With the introduction of ISO 20022, we are looking forward to a futur
What is the ISO 20022 standard?
ISO 20022 is a global standard for financial communications, designed to create a uniform and unified language for transferring data in payments, money transfers, and other financial processes. The standard enables the transfer of richer, more accurate, and more unified data between financial institutions around the world.
What is the purpose of the standard?
1️⃣ Unifying global systems: Creating a uniform standard that ensures that all financial institutions can “speak the same language.”
2️⃣ Improving transparency: Transferring richer and more detailed data ensures transparent and verifiable processes.
3️⃣ Supporting new technologies: Adapting to the world of blockchain and digital currencies, while improving connectivity between traditional and decentralized systems.
4️⃣ Reduce errors and costs: Standardization reduces errors in the process and leads to operational efficiency.
Who is obligated to the ISO 20022 standard?
The transition to this standard is not just a recommendation, but a requirement for banks, financial institutions, and payment companies involved in cross-border payments.
• SWIFT: The international payments network is leading the transition to the standard, and requires all network members to implement it by November 2025.
• Central banks: Institutions such as the European Central Bank (ECB) and the Bank of Japan (BOJ) are already implementing the standard in their payment infrastructures.
• Global financial institutions: Anyone involved in international payments is required to meet the requirements of the new standard.
Benefits for projects like XRP and XLM
🔗 XRP: The ISO 20022 standard supports technologies like RippleNet, which enable fast and low-cost cross-border money transfers.
🌟 XLM: Stellar, which focuses on micropayments and bank partnerships, is well-positioned to benefit from the adoption of the standard.
With the introduction of ISO 20022, we are looking forward to a futur
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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