Ripple is now a member of the emerging ISO standard that enables the transfer of data electronically between the financial institutions, NewsLogical can confirm.
Ripple, on its official website, placed that it is now the first Distributed Ledger Technology (DLT)-focused member of the body. The enterprise blockchain firm mentioned that it joined the platform to meet its customer’s growing needs and provide global interoperability in the remittance industry considering that the world is rapidly evolving.
The platform, known for the development of messages, is a multi-part International Standard developed by the ISO Technical Committee TC68 Financial Services. The platform makes use of modeling methodology to capture the flow of business transactions messages.
ISO 20022 is not controlled by a single interest, and it can be implemented by anyone on any network. The standard has been adopted in more than 70 countries as payment systems, and SWIFT reckons that the uninterrupted growth of ISO 20022 would make it become the standard for high-value payment systems as it currently supports 87% of the value of transactions around the world.
The onboarding of Ripple would let the blockchain firm serve its customers better. Ripple confirmed on its website that the membership, alongside RippleNet, would let it achieve a well-defined future direction in the payment industry.
Other benefits the Ripple would be getting includes:
Have access to a global network of financial institutions.
Faster, more transparent, and seamless settling of transactions by leveraging software.
Leverage one standard API for all counterparty connections.