The ISO 20022 standard has gained significant importance in the financial industry as a unified messaging standard for electronic data exchange between financial institutions. While initially developed for traditional financial transactions, the standard has now expanded to include the world of cryptocurrencies.
ISO 20022 brings standardization and interoperability to the crypto space, ensuring smoother communication between various platforms and participants.
In this article, we are going to explain what are the potential benefits of ISO 20022 coins and examine which cryptocurrencies currently support the standard.
KEY TAKEAWAYS:
- ISO 20022 is a global standard for financial messaging that promotes standardized data exchange between financial institutions.
- Its primary goal is to modernize the traditional financial sector, making data handling easier.
- The standard is being adopted by both traditional financial systems and the world of cryptocurrencies to improve interoperability.
- Crypto projects that adopt ISO 20022 can seamlessly integrate with traditional financial systems.
- Notable ISO 20022-compliant crypto projects include XRP, Quant, Algorand, Stellar, Hedera HashGraph, IOTA, and XDC Network.
What is ISO 20022?
ISO 20022 is an international standard for financial messaging that provides a common language and structure for the exchange of electronic data between financial institutions and international payment systems like SWIFT.
The goal of ISO 20022 is to replace the multitude of different messaging formats and protocols used by various financial systems with a unified and standardized approach. By adopting ISO 20022, financial institutions can streamline their operations, reduce complexity, and improve the accuracy and reliability of data exchange.