- Ripple, the leading cross border payments network, has recently validated as a part of the ISO 20022 standards group.
- It has introduced a new data standard for payments within global financial institutions.
- Ripple is the first member of ISO 20022 Standards Body focussed on Distributed Ledger Technology (DLT).
Ripple, the leading cross border payments network, has recently validated as a part of the ISO 20022 standards group. It has introduced a new data standard for payments within global financial institutions.
Ripple claims to be the first one, which covers several international commercial and central banks. Also, payment processing realities like SWIFT and Visa focused on distributed ledger technology.
Ripple confirmed the move in a brief announcement on its Website. They have mentioned it as A New de facto global data standard for modern payments—ISO 20022, which the world will converge.
To help empower this next measure in global interoperability and fit in the evolving needs of the consumers. Ripple is the first member of ISO 20022 Standards Body focussed on Distributed Ledger Technology (DLT).
With ISO 20022 membership, RippleNet can help users to access the network of financial institutions. It will also allow users to connect to one standardized API for all counterparty connections. It will also simplify implementation and decrease operational overhead.
Ripple Becomes the First ISO Certified DLT Network
Ripple’s global payment network is thriving. Over 300 financial institutions, including SCB, MUFG, and Santander is part of Ripple. By Introducing a single standardized approach in the repository. ISO 20022 facilitates communication and interoperability between all the global financial institutions.
Ripple uses common data points, from the standards of different institutions. Ripple then groups them into a standardized format that shared among systems. The ISO 20022 standard has before ratified by 70 countries and expected to be 87% of global financial transactions by 2023, supported.
Adherence to the ISO 20022 standards analyzes counterparty connections and diminishes associated prices. The standards body now has as a new member, and its membership records an extra validation of DLT. It can also bring cryptocurrency in the world of traditional finance. It also allows Ripple to step within the future direction of cross-border payments.