Crypto-list compliant with ISO 20022 | cryptopolitan
ISO 20022 The protocol is a standard for the exchange of electronic data 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 banking communication, which meets the ISO 20022 standard for financial messaging. It better reflects today’s financial activities and transactions, locally, regionally and globally.
Banks around the world have already committed to this global regulatory framework, which supports QUICK and the Federal Reserve. And as we move towards this new quantum financial system, any third party wishing to interact with banks must be able to use the ISO 20022 format.
With the financial industry on the same page around the world, there is no doubt that ISO 20022 will be an important catalyst for investors.
How ISO 20022 evolves in 2022
Banks and financial institutions around the world are entering a new era as they prepare to upgrade their payment systems from SWIFT messaging to ISO 20022, a much more structured and data-rich financial messaging standard.
By 2025, ISO will be the global standard for high-value or high-value payment systems in all reserve currencies, and it will process 80% of transactions – and 87% of transaction value globally. The European Central Bank and SWIFT have announced the launch dates for the ISO 20022 standard.
Image Source: Temenos Payments Hub (online seminar)
The following cryptocurrencies are ISO 20022 compliant to date:
Each of these cryptos was developed to make global transactions more accessible, and because of this, they could comply with the ISO 20022 standard more quickly.
However, as more and more cryptos don’t want to be left out of the global payments industry and move towards ISO 20022 compliance, this list will only grow longer.
And just because they’re ISO 20022 compliant doesn’t necessarily mean they’re appropriate investments…
Ripple is a prime example of crypto with many cons versus pros – and Helena Margarido encourages you to avoid it. (here’s why.)
Hedera is a fascinating coin with a lot of potential that you can learn more about here, and it definitely belongs on your watch list. (These peaks were hand picked by our team of experts if you are looking for pennies that are flash buys.)
What impact will ISO 20022 have around the world?
It is expected that this global acceptance of similar financial messages will significantly influence financial institutions, businesses and any organization with an interest in the high-value finance and payments industry.
More than 70 countries have adopted ISO 20022 in their payment systems, including Switzerland, China, India and Japan. And with over 200 payment types, it will harmonize the data formats and components of different payment methods that couldn’t work together before.
ISO 20022 is now used by more than 70 countries, including Switzerland, China, India and Japan, in their payment systems. With more than 200 payment types, it will combine the formats and data components of many payment techniques that could not communicate with each other before due to differences in standards.
The ISO 20022 standard will apply to domestic, ACH, real-time, high-value and cross-border payments.
Image Source: Red Compass
What banks need to do to stay ahead of the competition
SWIFT’s technology transition from MT to ISO 20022 will be complete. Banks will need to update their messaging interfaces and test them before November 2022 to ensure that they are compatible with the new payment communication standard.
Banks are under competitive pressure to migrate to ISO 20022, as the global migration of the payments industry to immediate payments makes their existing goods and services vulnerable.
Since ISO 20022 is a more modernized and versatile standard than conventional legacy formats, it requires much larger data volume processing. Therefore, banking systems and databases will need to be able to handle these larger volumes at faster speeds for real-time payments, day-to-day cash management, compliance checks, and breach detection and prevention. frauds.
It is essential to allow sufficient time for testing so that syntax and formatting information is correct, and the migration of data into all related payment and clearing systems. The tests should ideally be completed no later than the second quarter of 2022.
Banks should inform their corporate customers what additional data may be accessible, as well as how it will be used. Additionally, these customers must be fully informed and involved in end-to-end testing.
Image source: Compact
High Value Payments (HVP) on ISO 20022
To establish a roadmap towards the standardization of large value payments and real-time gross settlement (RTGS), SWIFT, global central banks and market infrastructures created the HVPS+ Market Practices Working Group.
“By unifying messaging standards across HPVs, payment system participants will be able to benefit from efficiencies and lay the foundation for new services.” Michael Knorr, Wells Fargo Bank Head of Payments and Liquidity Management for Financial Institutions.
To stay on top of these high-value payment systems, you’ll need a solution to keep track of them. HVP systems are crucial to international finance, so monitoring these important transfers of value with the right performance monitoring and management solution is essential.
RTGS changes the global financial landscape
Image source: Compact
It is difficult to keep up to date with new technologies, legal changes and the introduction of new international payment standards. With the impending ISO migration, organizations can turn data into knowledge to ensure global payment systems operate securely and efficiently.
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