ISO 20022 is an international standard for financial messaging that has been adopted by many financial institutions around the world. It is a newer standard that was first introduced in 2004 and has since become widely used in the financial industry. ISO 20022 provides a standardized framework for financial messaging, which helps to ensure that messages can be easily understood and processed by different financial institutions and systems.
The adoption of ISO 20022 is important for the cryptocurrency industry because it allows for greater interoperability and integration between traditional financial systems and the emerging world of cryptocurrencies. By adopting this standard, cryptocurrencies can fit into the existing financial infrastructure more easily, which can help to increase adoption and usage of cryptocurrencies.
One of the benefits of ISO 20022 is that it provides a common language for financial messaging, which helps to reduce the risk of errors and misunderstandings. This is particularly important in the world of cryptocurrency, where transactions can be complex and involve multiple parties. By using a standardized messaging format, it becomes easier for different systems and institutions to communicate with one another.
Another advantage of ISO 20022 is that it provides greater flexibility and functionality than older messaging standards. It supports a wider range of data types and allows for more complex transactions to be processed. This is important for cryptocurrencies, which often involve more complex transactions than traditional financial instruments.
ISO 20022 is a global standard for financial messaging that aims to standardize and streamline communication between financial institutions. The adoption of ISO 20022 is expected to have a significant impact on the financial industry, including the world of cryptocurrencies. In this article, we’ll take a look at some of the major ISO 20022 cryptos, including XDC.
- Ripple (XRP)
Ripple is a blockchain-based payment protocol that uses its own cryptocurrency, XRP, to facilitate cross-border transactions. Ripple has been a strong proponent of ISO 20022 and has worked to incorporate the standard into its technology. In 2020, Ripple announced that it would be adopting ISO 20022 for its payment messaging system, which is used by more than 300 financial institutions worldwide.
- Stellar (XLM)
Stellar is a blockchain platform that is focused on creating a decentralized financial network. Stellar’s native cryptocurrency, XLM, is used to facilitate transactions on the platform. In 2020, Stellar announced that it would be adopting ISO 20022 for its messaging system, which is used to communicate between different financial institutions.
- SWIFT (SWIFT)
SWIFT is a global financial messaging network that is used by banks and financial institutions around the world. SWIFT has been a strong proponent of ISO 20022 and has been working to incorporate the standard into its messaging system. In 2020, SWIFT announced that it would be migrating its entire messaging system to ISO 20022 by 2025.
- Ethereum (ETH)
Ethereum is a blockchain platform that is used for creating decentralized applications (dApps) and smart contracts. Ethereum’s native cryptocurrency, ETH, is used to pay for transaction fees on the platform. While Ethereum is not specifically based on ISO 20022, the platform is designed to be interoperable with other systems, including those that use ISO 20022.
- Bitcoin (BTC)
Bitcoin is the original cryptocurrency and is still the most widely used and recognized. While Bitcoin is not based on ISO 20022, some companies are working on integrating the standard into their Bitcoin-related products and services. For example, in 2021, the crypto exchange Coinbase announced that it would be adopting ISO 20022 for its payment system.
- XinFin (XDC)
XinFin is a hybrid blockchain platform that combines the features of both public and private blockchains. Its native cryptocurrency, XDC, is used to facilitate transactions on the platform. In 2020, XinFin announced that it would be adopting ISO 20022 as part of its efforts to improve interoperability and ease of use for its users.