Crypto ISO 20022: List of supported coins and tokens in 2024
What is ISO 20022?
ISO 20022 is a globally recognised standard for financial messaging that aims to simplify the exchange of data between financial institutions. Developed by SWIFT, this methodology is applied in a variety of financial activities, including payments, securities trading and settlement, cash management and account management.
Purpose and benefits of ISO 20022:
The main objective of ISO 20022 is to replace the various messaging formats and protocols currently used in various financial systems with a unified and standardized approach.
The ISO 20022 standard has become increasingly important in the financial industry as a unified messaging protocol for electronic data exchange between financial institutions. Initially designed for traditional financial transactions, this standard has now expanded to encompass the world of cryptocurrencies. This expansion is set to bring substantial benefits, including increased standardization and interoperability, to the crypto space.
Current compliance and adoption
According to the latest reports, approximately 72% of banks have achieved compliance with ISO 20022, and full compliance is expected by 2025. This widespread adoption signifies the growing importance of this standard in modern finance.
Benefits for cryptocurrencies:
Cryptocurrencies that comply with the ISO 20022 standard can gain significant advantages. These benefits include easier integration with existing financial systems, encouraging greater technological acceptance and integration. Notable cryptocurrencies that have adopted the ISO 20022 standard include XRP, Cardano, Quant, Algorand, Stellar, Hedera HashGraph, IOTA, and XDC Network. These projects exemplify how ISO 20022 can improve compatibility with traditional finance, making them prime candidates for adoption by financial institutions.
Key findings:
Improved data exchange: ISO 20022 standardizes data exchange between financial institutions, promoting smoother communication and interoperability.
Modernizing finance: The main objective of the standard is to modernize the financial sector by making data management more efficient.
Broader integration: Adoption of ISO 20022 by cryptocurrency projects facilitates seamless integration with traditional financial systems.
Industry adoption: ISO 20022 compliant cryptocurrencies such as XRP, Stellar, Algorand, Quant, and Hedera are well positioned for potential industry adoption.
Please note that this article is not financial advice, only invest what you are willing to lose...Dyor.
