⚡ISO 20022 Standard: The keys⚡
✅ The#ISO20022regulation is an international standard for the exchange of electronic messages between financial institutions. It was introduced by the International Organization for Standardization in 2004 to provide a common platform for developing messages in an extensible markup language. The objective is to facilitate interoperability, integration and innovation in the field of payments and financial transactions.
✅ Some of the benefits are:
✍🏻 Allows you to transmit more information about remittances, compliance and security, improving payment efficiency and traceability.
✍🏻 Facilitates harmonization and convergence of global payment systems, reducing operational costs and risks.
✍🏻 Offers flexibility and adaptability to changing market needs and new technologies, such as instant payments and
#fintech. ✍🏻 Promotes innovation and competition in the financial sector, offers more opportunities for the development of new products and services.
✅ It is being adopted by many actors in the financial sector such as #Swift, low and low value payment systems, clearing houses and central banks. The migration to#ISO20022is expected to be completed, representing a transformation for the future of payments.
✅ There is a lot of confusion regarding digital assets that comply with regulations. These assets are not managed or registered by it.#ISO20022is a global standard for financial messaging and provides a common language and structure for the exchange of financial information. The standard that manages digital#tokenidentifiers is #ISO24165.
✅ Although financial institutions and payment systems have adopted or are in the process of adopting the#ISO20022standard for their operations, they have their own messaging protocols and formats that are specific to the#blockchainnetwork of each digital asset."