ISO 20022 Crypto List: Compliant Coins

How is ISO 20022 changing in 2022

Banks and financial institutions worldwide are entering a new era as they gear up to switch their payment systems from using SWIFT messages to ISO 20022, a much more structured and data-rich financial messaging standard.

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.

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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.

And just because they follow ISO 20022 doesn’t necessarily mean they’re suitable investments…

Ripple is an excellent example of crypto with numerous disadvantages compared to benefits – and Helena Margarido encourages you to avoid it. 

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What impact will ISO 20022 have around the world?

It is anticipated that this worldwide acceptance of similar financial messaging will significantly influence financial institutions, companies, and any organization with a stake in the finance and large value payments sector.

Over 70 countries have adopted ISO 20022 in their payment systems, including Switzerland, China, India and Japan. And with over 200 payment types in scope, it will harmonize formats and data components from different payment methods that could not previously work together.

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ISO 20022 is now being used by over 70 countries, including Switzerland, China, India, and Japan, in their payment systems. With over 200 payment types, it will combine formats and data components from numerous payment techniques that could not previously communicate with one another due to differences in standards.

The ISO standard will apply to domestic, ACH, real-time, high-value, and cross-border payments.

Image Source: Red Compass

What banks must do to stay ahead of the competition

SWIFT’s technological shift from MT to ISO 20022 will be complete. Banks will need to upgrade their messaging interfaces and test them before November 2022 to ensure they are compatible with the new payment communication standard.

Banks are under competitive strain to migrate to this new standard as the overall migration of the payment industry toward immediate payments makes their existing goods and services vulnerable.

Because this standard is a more modernized and versatile standard than conventional legacy formats, it requires significantly greater data volume processing. As a result, bank systems and databases will need to be capable of handling these larger volumes at quicker speeds for real-time payments, daily liquidity management, compliance checks, and fraud detection and prevention.

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It’s critical to allow enough time for testing so that syntax and formatting information is accurate, and the data’s migration into all linked payment and clearing systems. Testing should ideally be completed by the second quarter of 2022 at the latest.

Banks must inform their corporate customers about the additional data that may be accessible, as well as how it will be utilized. In addition, those clients should be completely informed and involved in end-to-end testing.

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High-Value Payments (HVPs) on ISO 20022

To establish a road map to standardization for high-value payments and real-time gross settlement (RTGS), the SWIFT, global central banks and market infrastructures have established the HVPS+ market practice task group.

“By unifying messaging standards across HPVs, participants in the payment system will be able to benefit from efficiencies and lay the groundwork for new services.” Michael Knorr, Wells Fargo Bank’s Head of Payments & Liquidity Management for Financial Institutions.

To stay on top of these high-value payment systems, you’ll need a solution to keep track of them. HVP systems are crucial to international finance, so monitoring these significant value transfers with the appropriate monitoring and performance management solution is critical.

RTGS is changing the global financial landscape 

Image Source: Compact

Keeping up with new technologies, legal changes, and the introduction of new international payments standards is difficult. With ISO migration just around the corner, organizations can turn data into knowledge to ensure that worldwide payment systems run safely and effectively.