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Ripple joins ISO 20022 standards body

Thursday 7 May 2020 14:14 CET | News

Cross-border payments network Ripple has become part of the ISO 20022 standards body, becoming one of its first members focused on distributed ledger technology (DLT). 

The ISO 20022 membership will allow customers to utilise RippleNet to access a network of global financial institutions and connect to one standardised API for all counterparty connections. Over 300 financial institutions currently rely on Ripple’s global payments network, including MUFG, SCB, and Santander.

The migration to ISO 20022, the new payment messaging standard, is set to have a profound effect on payments. This process will require both banks and their clients to replace SWIFT MT messages as the standard messaging format for the transfer of cross-border and high-value payments, according to cryptoslate.com.

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Keywords: Ripple, XRP, ISO 20022, distributed ledger technology, DLT, RippleNet, API, global payments network, MUFG, SCB, Santander, SWIFT MT, cross border payments, payment messaging standard
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech