The company Ripple has joined the global ISO 20022 Standards Body – the emerging open and global standard for payment messaging. According to the company, Ripple is the first distributed ledger technology-focused member included in ISO 20022. ISO 20022 is basically a global standard for interchanging electronic data between financial institutions. This global standard body is often used in financial services.
Ripple is now part of the ISO 20022 Standards Body
Revealing the news in an announcement, the company says that Ripple is now a part of the global ISO 20022 Standards Body. Becoming the first blockchain technology-focused member of ISO 20022 Standards Body is a major development for the company Ripple. Apart from Ripple, other major financial institutions such as Omgeo, Swift, Visa, Derivatives Association (ISDA), and International Swaps are also the members of this group. These financial institutions are already using and taking benefits of ISO 20022.
ISO 20022 is already being used in more than 70 countries by payment systems according to Swift. The payment firm Swift claims that ISO 20022 will become the ‘de facto global data standard for modern payments’ in the future.
“ISO 20022 is an increasingly established global language for payments messaging. Already used by payment systems in over 70 countries, in the coming years it will be the de facto standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes and 87% of the value of transactions worldwide.”
Ripple’s recent key developments
The company Ripple seems to have only one goal in mind that is to develop its network and to expand its payment services more and more across the whole world. To achieve this goal, it has made several partnerships with major firms.
Also read:Becoming a part of ISO 20022 is not the first major development for the company it has marked various key developments in recent times. Ripple signed a partnership agreement with Thailand’s oldest bank Siam Commercial Bank (SCB) at the beginning of the year 2020. Apart from this, a European online remittance service company “Azimo” also joined hands with Ripple to use its On-Demand Liquidity (ODL) payment solution.
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