- XRP, ADA, HBAR, ALGO all confirmed ISO 20022-compliant now.
- Cardano founder highlights blockchain interoperability in global financial messaging transition.
- SWIFT’s deadline nears, blockchain networks step up to bridge gap.
Charles Hoskinson, the founder of Cardano, has confirmed that XRP is ISO 20022-compliant, alongside Cardano (ADA), Hedera (HBAR), and Algorand (ALGO). This seemingly marks a significant step forward for these blockchain networks as the global financial industry prepares for the mandatory migration to the ISO 20022 messaging standard.
Hoskinson highlighted the importance of this standard in bridging traditional finance and decentralized finance (DeFi), positioning these networks at the forefront of the financial transformation.
In a recent statement, Hoskinson expressed his excitement about Cardano’s alignment with other compliant assets, emphasizing that this move will enable greater interoperability in cross-border payments and institutional settlements. He also mentioned that ADA is proud to be standing alongside XRP, HBAR, ALGO, and other ISO 20022-compliant networks.
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The Significance of ISO 20022 and Cardano’s Position
ISO 20022 is designed to replace outdated messaging formats in the financial system with a more structured, metadata-rich format. This new standard aims to improve the speed, transparency, and automation of cross-border payments, securities settlements, and other financial transactions.
As the industry moves closer to the final implementation deadline set by SWIFT, this transition is seen as essential for improving global financial communication and efficiency.
Despite some challenges in the global rollout, many institutions, particularly in Europe, have already embraced ISO 20022. However, adoption has been uneven worldwide, with some central banks still working on their full integration.
This gap in readiness presents an opportunity for compliant blockchains like XRP, ADA, and ALGO to bridge the divide and help ensure smoother, more efficient global financial transactions.
Cardano’s Key Role in Global Financial Interoperability
Cardano’s strategic positioning alongside XRP, HBAR, and ALGO highlights its growing importance in the financial ecosystem. These networks are recognized for their ability to support cross-border payments and institutional settlements, aligning with the objectives of ISO 20022. As the deadline approaches, these blockchain networks are primed to play a significant role in enhancing global financial infrastructure.
Hoskinson’s statement underscores the critical role that compliant blockchains will play in the future of global finance.
With ISO 20022 becoming the new standard for financial messaging, Cardano’s commitment to interoperability and collaboration with other compliant networks is a significant step towards creating a more efficient, transparent, and integrated financial system.
Clarification on XRP’s ISO 20022 Compliance
While Charles Hoskinson recently stated that XRP is ISO 20022-compliant, it’s important to clarify that the ISO 20022 standard applies to messaging systems, not the cryptocurrencies themselves. A rebuttal from the community pointed out that RippleNet, the network used by XRP, is ISO 20022-compliant, but XRP itself is not directly certified by the standard.
The distinction lies in the fact that RippleNet facilitates payments using ISO 20022 messaging, while XRP is the asset used for settling these payments. Thus, the compliance applies to the messaging layer, not the cryptocurrency itself.
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