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The famous cryptocurrency company, Ripple, has achieved yet another thing. The exchange now belongs to the ISO 20022 standards body, which is working towards a new data standard for payments and data messaging between global financial institutions.
According to the firm’s claims, it is the first cryptocurrency firm focused on distributed ledger technology (DLT) to become a member of the group. Among other members of the group are several global commercial and central banks, as well as payment processing entities such as SWIFT and Visa.
ISO 20022 is a way to global standard as it suggests a standardized approach in methodology, process and repository for enabling communication and interoperability between all international financial organizations.
The standards body is looking forward to attaining convergence into a single standard in the long term. However, in the meantime, it is necessary for several existing legacy standards to co-exist and share information.
ISO looks into models of each institution and group, and then acquires the common data points for grouping into a standardized format. The standardized format is then shared between systems.
When ISO 20022 standards are adopted, it leads to the simplification of counterparty connections and brings down associated costs.
Seventy countries have been able to adopt the standard. According to estimates, ISO 20022 will support 87 percent of international financial transactions by 2023.
This is a remarkable achievement for Ripple as its membership of the standards body further validates cryptocurrency and DLT in traditional finance industry. This will enable Ripple and its customers to be important in the future direction of cross-border payments.
While many seem to be suspecting Ripple, the firm is also putting in efforts to become respected. In recent times, a report by Cointelegraph noted that whenever the company enters into a fresh high-profile partnership, the firm or its past executives dilute its token (XRP) on the market.
Besides, the firm is still facing allegations of its tokens being an unlicensed securities sale.