ISO 20022 will soon apply globally and altcoin prices could go through the roof
- The global financial system will switch to the ISO 20022 standard this month, replacing the old SWIFT interbank system.
- The change will, among other things, make interbank transfers extremely faster and safer. Altcoin prices could rise significantly, such as XRP, XLM, HBAR and IOTA.
The global financial system is about to transition to the ISO 20022 messaging standard. The deadline for the old SWIFT standard expires in 11 days. This doesn’t just mean a technical upgrade, as the ISO 20022 standard will be the beginning of the use of a new, common, global language for financial data.
The Deadline the full changeover is November 22nd. This ends the “coexistence” of MT and ISO 20022 messages in the SWIFT network.
After this date, ISO 20022 will be the new standard format for global interbank transactions, replacing SWIFT after more than half a century.
The gradual changeover began in March 2023. Since then, financial institutions have been converting their infrastructure and making ISO 20022 the backbone of global payment transactions in just a few days.
The change is tantamount to a revolution
ISO 20022 introduces richly structured XML-based messages that contain detailed metadata. These replace SWIFT’s decades-old MT formats. As a result, projects benefit from greater interoperability, improved compliance data and faster, more transparent cross-border execution.
The most important blockchain networks have long since adapted their systems to ISO 20022. The most common blockchains in this context include XRP, XLM, ADA, HBAR, ALGO, QNT, XDC and IOTA.
ISO 20022 makes transactions faster, more secure and easier to understand – in particular, sender data must be completely stored in the system and is therefore accessible to official measures to prevent money laundering.
XRP, XLM, IOTA and HBAR have long met all ISO 20022 requirements, which puts them in a good position ahead of their lagging competition.
XRP is already known for fast, low-cost cross-border payments. With all global systems moving to the ISO 20022 standard, Ripple’s ability to quickly move money between different currencies using XRP as a bridge currency becomes even more important.
Backed by major technology companies such as Google and IBM, Hedera provides reliable and energy-efficient blockchain services for businesses. Stellar has expanded its work in remittances and digital finance, particularly in regions with limited banking access.
Also the acceptance of ISO 20022 hat IOTA above all by improving the Interoperability and Integration with the traditional financial sector and the broader one Ecosystem the Internet of Things (IoT) benefited.
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