Ripple’s ISO 20022 standard is being phased in

ISO 20022 is gradually becoming the global standard for global cross-border payment flows. Ripple has been a pioneer in this shift, with its RippleNet network built from the ground up to be ISO 20022 compliant.

Ripple's ISO 20022 standard is being phased in

Ripple announced in 2020 that it has joined the ISO 20022 Registration Management Group (RMG) as the first member to focus 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 services body, has approved the community’s proposal to start the transition to ISO 20022 in March 2023.

Ripple's ISO 20022 standard is being phased in

On October 20, the ECB announced its intention to delay the ISO 20022 migration of the Eurosystem by four months, from November 2022 to March 2023. The Eurosystem consists of the European Central Bank and the National Central Banks (NCBs) of Eurozone countries.

According to recent sources, the ISO 20022 standard will be implemented in April 2023 by the Clearing House Automated Payments System (CHAPS), which is based in the United Kingdom and is used to process a large number of currency transactions denominated in sterling.

Fedwire has set a March 2025 deadline for the transition of US ISO 20022 communications. By contrast, FedNow, a new rail service designed by the U.S. Federal Reserve, has set a mid-2023 deadline.

The use of ISO 20022 in cross-border payments has been limited. As such, Ripple and its RippleNet clients are 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.

Source of information: Compiled from COINCU by 0x information.The copyright belongs to the author Harold, and may not be reproduced without permission

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