ISO 20022 Standards – New international Monetary Transfer Standard ISO 20022 and Crypto
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What is ISO 20022?
ISO 20022 is a new protocol planned to be adopted worldwide by the financial industry over the next three years. This ISO standard is intended to be used by financial services for international and cross-border payments (effectively replacing the 50-year-old legacy SWIFT payment system with a new blockchain-based system).
The ISO 20022 protocol is a standard for ‘electronic data interchange’ between financial services within the payment industry. ISO 20022 is the messaging mechanism to be used within the blockchain.
ISO 20022 is a single standardization approach to be used by all financial standards initiatives. The new standardization is set to officially begin in November 2022 and be fully implemented by November 2025.
The ISO 20022 protocol is a standard for electronic data interchange between financial services in the payment industry. It is based on DLT (distributive ledger technology) and uses ISO 20022 as its messaging mechanism.
ISO 20022 is a more advanced format (based on the XML protocol and the Abstract Syntax Notation One (ASN.1))specification for bank communication), which meets the ISO 20022 standard for financial messaging. Currently, there are only a handful of cryptocurrencies that are ISO 20022 compliant and will be integrated into this system.
Banks worldwide have already committed to this worldwide regulatory framework, which backs SWIFT and the Federal Reserve. And as we move toward this new quantum financial system, any third party that wants to interact with banks must be able to use the ISO 20022 format.
With the financial sector on the same page worldwide, there’s no question that ISO 20022 will be a significant catalyst for crypto investors.
Quant (QNT) and its role in Crypto ISO 20022 compliance
Quant launched in June 2018, is considered the over-ledger with the goal of connecting (ISO 20022) blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network.
Quant is slatted as a core component within the deployment of the new ISO 20022 financial system.
This is the first project to solve the interoperability problem through the creation of the first blockchain operating system and will be a key component of the interconnectivity of all the ISO20022 crypto projects. https://quant.network/
What are the Top ISO 20022 Crypto Projects? so far
There are only a handful of cryptocurrencies that are considered to be ISO 20022 compliant. These include:
- Ripple (XRP)
- XDC
- Algorand
- Quant it is worth investigating Quant ,
- Stellar
- IOTA
- Hedera
- Bitcoin become compliant this yr Through XDC Network
- ADA Cardano not 100% sure they just not admitting it yet,my personal opinion
What is the Role of ISO 20022 in Crypto?
A crypto that complies with the ISO 20022 standard could be approved by a centralized bank that enables crypto payments. ISO standardized crypto identifiers are going to change the way crypto is used. If ISO issues an official code for a crypto, such as Bitcoin or Ether (ETH), that crypto will enter the database tables of top financial services like Visa and MasterCard.
What Would Make a Crypto ISO-Compliant?
The 20022 ISO update could give certain cryptos the advantage of being ISO-compliant and chosen by banks for crypto payments. While the blockchain community often criticizes centralized bank services as slow and outdated, this update could signal they’re ready for change.
To be compliant, a crypto blockchain would have to fulfill all the SWIFT communication requirements, including the “ability to pass customer data on the blockchain”. This will increase safety for customers using centralized banks to send decentralized crypto. ISO 20022 standards
