ISO 20022 is an international standard for electronic data interchange between financial institutions. It provides a common platform for developing messages using a standardized methodology, dictionary, and XML-based syntax. This standard aims to improve the efficiency and automation of financial communications globally, covering payments, securities, trade services, and card transactions. Its adoption facilitates richer data content and enhanced straight-through processing.
Context
In crypto news, ISO 20022 is often discussed in the context of integrating traditional finance with digital asset systems. Reports frequently examine how blockchain-based payment networks and stablecoins might leverage this standard for improved data exchange and regulatory reporting. The standard’s role in promoting greater interoperability and compliance within a hybrid financial ecosystem is a recurring theme.
VASPs must immediately integrate Confirmation of Payee and ISO 20022 standards to meet the Travel Rule's expanded fraud and proliferation financing objectives.
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