Ripple claims to have become the first blockchain-focused payments company to join the ISO 20022 standardization committee, future-proofing its business for the eventual arrival of the data-rich messaging protocol.
Ripple’s move follows testy exchanges between Swift and the European Central Bank over the surprise decision by the interbank messaging network to shift the ISO 20022 migration date for cross-border payments from November 2021 to end 2022.
For Ripple, a closer connection to ISO 20022 will help it to drive interoperability with global payment networks and add a sheen of regulatory legitimacy to its proprietary cryptocurrency XRP.
Ripple confirmed the move in a short statement on its Website: “The world is converging on a new global standard—ISO 20022, the de facto global data standard for modern payments.
“To help enable this next step in global interoperability and meet the evolving needs of our customers, Ripple is now part of the ISO 20022 Standards Body — the first member focused on Distributed Ledger Technology (DLT).”