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Cryptocurrencies That are ISO 20022 Compliant

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ISO 20022 will become more influential in the financial industry during 2022, as more banks adopt the standard for interbank communication. Here are the cryptocurrencies that comply with the ISO 20022 as well as an explanation of why it's important.

MURFREESBORO, Tenn. - eTradeWire -- 2022 is scheduled to be yet another big year for change in the banking industry, which has become intertwined with advances in technology and the financial, social, and economic implications of an ever-progressing .

One of the marquee movements in the financial industry this year is the adoption of the ISO 20022 standard by banks and other financial institutions worldwide. Banks around the world, most of which currently use the legacy SWIFT MT messaging system, are being encouraged to adopt the new ISO 20022 standards for financial messaging. The ISO 20022 standard for financial messaging is a superior format based upon the XML protocol and the Abstract Syntax Notation One (ASN.1) specification for communicating between banks. ISO 20022 better represents the modern financial activities and transactions that take place locally, regionally, and globally.

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SWIFT will be starting the technical migration process from MT to ISO 20022 in November, 2022. Before November, banks are expected to upgrade their messaging interfaces and test them to be sure they support the new payment messaging format.

ISO 20022, Currency Evolution, and Crypto
During the past decade, the worldwide payment system has experienced several interruptions, including the introduction and widespread adoption of cryptocurrencies. Thousands of cryptocurrencies have been brought into existence since Bitcoin's appearance in 2009. While most of these have little chance of becoming ubiquitous forms of payment and stores of long-term value, there are a few that have demonstrated potential to make their way into the mainstream banking system.

Several cryptocurrency networks and associated cryptocurrencies have already met the  ISO 20022 compliance standard. They most prominent among these are: Stellar (XLM), Ripple (XRP), XinFin (XDC). Three other cryptocurrencies (IOTA, Algo, and USDC) join XLM, XRP, and XDC as ISO 20022 compliant.

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Because of their compliance with the ISO 20022 standard, many financial experts expect these cryptos to experience a jump in use and value over the coming months and into the years following 2022.

What is SWIFT?

SWIFT (the acronym that represents the Society for Worldwide Interbank Financial Telecommunications, but that is often used to refer the technology implemented by the organization) is the messaging network and protocol that are used by banks to transmit information associated with payments and money transfers.

Learn more about the ISO 20022 compliant crypto coins here: https://thetechnologyvault.com/iso-20022-network-ecosystem/

Learn more about concepts related to cryptocurrency  and finance here: https://thetechnologyvault.com/cryptocurrency/


Source: TheTechnologyVault.com
Filed Under: Banking

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