Ripple Becomes First Blockchain Focused Organization to Become Member of ISO Standards Body
Ripple has boosted its reputation by joining ISO 20022 standards organization, which is leading a new data norm for remittance and data transmission between financial institutions across the globe.
The firm boasts to be the first blockchain / distributed ledger technology (DLT) focused participant of the group, which consists of several global commercial and central banks, in addition to payment handling institutions such as Visa and SWIFT.
ISO 20022 suggests a single normalized method, procedures and repository to facilitate communication and interoperability between financial institutions across the globe.
While arriving at a universal standard is the primary objective, in the intermediate term, various prevailing legacy norms need to work together and share data.
ISO obtains common workable data from the current models used by various institutions and collates them into a standardized guideline, before sharing with all systems.
The standard has been already implemented in 70 nations and it is assessed that by 2023, 87% of worldwide financial dealings will be backed by ISO 20022.
Ripple gaining membership in the ISO 20022 standards organization is perceived as yet another acceptance to cryptocurrency and DLT in financial domain.
The membership permits Ripple and its clients to make a mark in the future trend of trans-border payments.
Compliance with ISO 20022 norms also eases counterparty links and minimizes related expenses.
Notably, whenever Ripple gains a significant partnership, there is a dilution of XRP in the market by either the company or any of its former executives, in addition to regular accusations of XRP being an unapproved security.