The financial and banking sectors are gearing up for critical changes associated with the implementation of the ISO 20022 standard, mandatory from November 2025.
ISO 20022 Compliance Deadline
The transition to ISO 20022 will finalize the shift for global financial institutions, defining how messaging will be conducted. The set deadline of November 2025 does not allow for extensions, meaning all major banks will have to adopt new technologies that provide increased speed and efficiency in transactions.
XRP as a Bridge for Transactions
Reports indicate that XRP was designed with the ISO 20022 standards in mind, making it a suitable asset for participation in the upcoming migration. It is already being used as a means of transfer between different networks, opening prospects for its use in modern financial systems.
Impact on Banks and Markets
The set deadline puts considerable pressure on banks to upgrade their technologies. Non-compliance may limit access to modern settlement systems, highlighting the need for changes before November 2025. Additionally, there is increasing interest in utilizing XRP as the system changes.
Expert comments highlight the significance of the move to ISO 20022 and the potential importance of XRP within this process. As the deadline approaches, discussions around the cryptocurrency's role in future settlements continue to gain traction in financial circles.
