The global financial messaging giant Swift has announced that it will adopt the ISO 20022 standard globally in March 2023. This global standard for cross-border payment flows is steadily evolving to ISO 20022, and Ripple has taken the lead in this transition, having built its RippleNet network with the ISO 20022 standards in mind from the beginning. This is an exciting era for cross-border payments, as the ISO 20022 standard is globally introduced in March 2023.
In 2020, Ripple became the first member focused on Distributed Ledger Technology (DLT) to join the ISO 20022 Registration Management Group (RMG) standards organization. The use of ISO 20022 for international payments has only recently begun to expand, and Ripple and its RippleNet customers were early adopters of ISO 20022 for cross-border payments.
Ripple has emphasized its focus on real-world utility, which includes non-fungible tokens (NFTs), central bank digital currencies (CBDCs) and sustainability at the beginning of 2023. It claims that a focus on real-world applications will help propel the coming age of CBDCs. In this light, Ripple anticipates the launch of new CBDC pilot programs around the world and has thus prepared. James Wallis, VP of central bank engagements, predicts an emphasis on interoperable CBDC solutions that enhance cross-border payments.
Ripple’s shift to utility extends to NFTs, with a second wave of NFTs exploring real-world use cases, such as real estate and carbon markets in the works. Crypto’s real-world utility also extends to sustainability-oriented initiatives, as blockchain and cryptocurrency are seen as playing a bigger role in the effort to combat climate change.
The adoption of the ISO 20022 standard by Swift is an important milestone in the global financial system. It is a move towards greater efficiency, transparency and security in cross-border payments. This is an exciting time for Ripple, as it has been at the forefront of this transition and is now seeing the fruits of its efforts.
Ripple has positioned itself as a leader in the global payments landscape and has taken steps to ensure that it is well-positioned to take advantage of the opportunities presented by the adoption of ISO 20022. Ripple’s focus on real-world utility and sustainability initiatives is a testament to its commitment to providing innovative solutions to the challenges of global payments.
Ripple’s commitment to the ISO 20022 standard is an important step towards the future of global payments. As more organizations and countries adopt the standard, Ripple will be in a strong position to take advantage of the opportunities that come with it. This shift towards greater efficiency, transparency and security in cross-border payments is set to revolutionize the global payments landscape and Ripple is at the forefront of this transformation.
Ripple’s commitment to the ISO 20022 standard and its focus on real-world utility and sustainability initiatives are a testament to its commitment to providing innovative solutions to the challenges of global payments. The adoption of the ISO 20022 standard by Swift is an important milestone in the global financial system and will open up new possibilities for Ripple and its customers. Ripple’s focus on real-world utility and sustainability initiatives will help propel the coming age of CBDCs and ensure that it is well-positioned to take advantage of the opportunities presented by the adoption of ISO 20022.
