Cross-border payments network Ripple (XRP) announced that it had become part of the ISO 20022 Standards Body, becoming its first member focused on distributed ledger technology (DLT).
“The world is converging on a new global standard—ISO 20022, the de facto global data standard for modern payments. To help enable this next step in global interoperability and meet the evolving needs of our customers, Ripple is now part of the ISO 20022 Standards Body, the first member focused on Distributed Ledger Technology (DLT),” the firm stated on its website.
The new payment messaging standard is set to replace SWIFT MT messages as the standard format for cross-border and high-value payments.
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Joining the ISO Standards Committee is the latest step the firm has made in conquering the cross-border payments industry.
The ISO 20022 membership will allow customers to utilize RippleNet to access a network of global financial institutions, connect to one standardized API for all counterparty connections, and simplify implementation and reduce operational overhead.
Over 300 financial institutions currently rely on Ripple’s global payments network, including MUFG, SCB, and Santander.
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions, and other financial information.