Ripple Joins Global ISO Standards Committee for Cross-Border Payments
- The firm will be the first member focused on Distributed Ledger Technology (DLT)
Cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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) Distributed Ledger Technology (DLT) A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to Read this Term).
"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.
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
ISO 20022 is an ISOstandard 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.
Cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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) Distributed Ledger Technology (DLT) A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to Read this Term).
"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.
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
ISO 20022 is an ISOstandard 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.