Recently, a change to the ISO 20022 standard, submitted by the Mojaloop Foundation, was approved. This may significantly affect the future of digital transactions and involves Ripple's Interledger protocol.
Overview of ISO 20022 Change
In late 2024, a new ISO 20022 change was approved that proposes an implementation referencing Ripple’s Interledger Protocol (ILP). This approval has the potential to greatly enhance digital transaction capabilities.
The Role of XRP in the Interledger Protocol
Documentation attached to the request highlights a crucial technical point: the ILP uses XRP for value movement. This integration can modernize international remittance systems by utilizing XRP as a bridging asset.
Integration Perspectives with SWIFT Network
As SWIFT has confirmed a full migration to the ISO 20022 standard, the integration of ILP into Ripple’s system opens pathways for potential XRP usage in the SWIFT ecosystem, potentially transforming international payments.
The approval of changes to the ISO 20022 standard and the integration with Ripple's Interledger Protocol may signify important steps toward enhancing digital transaction capabilities and the usage of XRP in the international market.
