The global rollout of ISO 20022 is transforming how international payments are processed. According to crypto researcher SMQKE, this change is creating new opportunities for Ripple to function as a payment rail within the SWIFT network.
SMQKE backed the claim with four separate documents from leading financial technology sources. These materials suggest Ripple’s blockchain infrastructure is becoming increasingly compatible with traditional banking systems through ISO 20022’s standardized messaging framework.
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According to one of the reports published by GlobalFintechSeries, ISO 20022 is a standard that allows communication on various financial platforms without problems. The report discusses how the format forms its role as a universal language, which facilitates the merging of conventional systems with emerging technologies such as Ripple.
In another instance, J.P. Morgan presented Ripple as a blockchain solution to money transfers across borders. The presentation apprised the status of Ripple in bridging financial institutions via cloud-based ledgers and liquidity providers on real-time currency conversion.
Ripple Gains Ground as ISO 20022 Reshapes Payment Infrastructure
Additionally, documentation from Temenos outlines Ripple as a leading example of cryptographic payment rails. It points out that such systems offer faster, cheaper, and more transparent transactions when compared to legacy settlement models.
Ripple’s capability to convert funds into local currencies upon arrival helps eliminate delays and extra costs.
A fourth source, provided by Identitii, features a diagram that includes Ripple alongside established channels such as SWIFT and RTGS. Such a depiction reflects the fact that Ripple has been embraced as an element in the changing financial landscape.
The document also emphasizes the way that secure, tokenized, and auditable data flows can be facilitated by the use of private blockchains such as Ripple.
A notice in Ripple in these documents depicts an increase in its presence in cross-border finance. Financial institutions can incorporate the Ripple blockchain in their current systems without any significant modification, given that, in relation to other systems, there is ISO 20022.
The transition is a significant step towards harmonizing traditional and digital payment systems. ISO 20022 improves messaging and is a route to bringing newer rails, such as Ripple, into active use in the global fabrics of SWIFT.
Conclusion
As ISO 20022 continues to roll out, Ripple is gaining momentum as a reliable payment option. Its blockchain capabilities are now being recognized within mainstream financial infrastructure.
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