[ISO, Cryptopolitan]

About ISO 20022

WHAT IS ISO 20022

A single standardisation approach (methodology, process, repository) to be used by all financial standards initiatives

ISO 20022 is a multi part International Standard prepared by ISO Technical Committee TC68 Financial Services

It describes a common platform for the development of messages using:

• a modelling methodology to capture in a syntax-independent way financial business areas, business transactions and associated message flows
• a central dictionary of business items used in financial communications
• a set of XML and ASN.1 design rules to convert the message models into XML or ASN.1 schemas, whenever the use of the ISO 20022 XML or ASN.1-based syntax is preferred

ISO 20022 FOR DUMMIES

SWIFT 5th limited edition of the ISO 20022 for Dummies book

Written and offered by the SWIFT Standards Team, after reading this book, ISO 20022 won’t have any secrets for you !

In 2025, ISO will be the global standard for high- or large-value payment systems in all reserve currencies, and it will handle 80% of transactions – and 87% of transaction value globally. The European Central Bank and SWIFT have announced the ISO 20022 go-live dates for the standard.

Image Source: Temenos payments hub  

ISO 20022 crypto: The following cryptocurrencies are compliant as of this writing:

• Stellar (XLM)
• Hedera (HBAR)
• IOTA (MIOTA)
• XDC Network (XDC)
• Ripple (XRP)
• Algorand (ALGO)
• Quant (QNT)

Each of these coins was developed to make global transactions more accessible, and because of this, they could comply with the ISO 20022 standard more quickly.

However, as more cryptos do not want to be left out of the worldwide payment sector and move toward ISO 20022 compliance, this list will only expand.