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Ripple has reportedly become the first blockchain-focused member of the emerging global ISO 20022 Standards Body. Thus, the firm has joined the likes of payment processing entities such as Visa and Swift, and numerous international commercial and central banks.
Ripple Joins ISO 20022
The firm behind the third-largest cryptocurrency by market cap (XRP) announced recently becoming a part of the ISO 20022 Standards Body. Moreover, Ripple claims that it’s the “first member focused on Distributed Ledger Technology (DLT).”
ISO 20022 is an ISO standard for electronic data interchange between different financial institutions. In covers financial information transferred between organizations that include credit or debit card transactions, settlement data and securities trading, and other payment transactions.
Several well-known financial institutions are already utilizing ISO 20022. Those include the International Swaps and Derivatives Association (ISDA), Omgeo, Swift, and Visa.
According to a report from Swift, the standard has been adopted in over 70 countries to date. In the coming years, “it will be the de facto standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes, and 87% of the value of transactions worldwide.”
The paper also added that this new common payment data model should improve compliance and efficiency in the financial sector.
Ripple’s Recent Growth
Although joining the ISO 20022 Standards Body is a serious development on its own for Ripple, the company has also been revealing compelling collaborations as of late.
For instance, at the start of 2020, Ripple announced a partnership with Thailand’s oldest bank – Siam Commercial Bank. Consequently, both organizations planned to launch an application dubbed SCB Easy for cross-border payments. Just a few weeks ago, the app running on Ripple was officially introduced, and it completed a transaction within 40 seconds.
The firm continued with establishing a robust presence in Thailand by collaborating with a local fintech company called DeeMoney. Thus, DeeMoney will use RippleNet to process more efficient and faster inbound payments into the country.
The European online remittance service company, Azimo, also partnered up with Ripple. Azimo will leverage Ripple’s On-Demand Liquidity (ODL) for remittance payments in the Philippines and plans to expand the services in other countries in the future, as well.