The Federal Reserve has confirmed the completion of its migration to ISO 20022, significantly impacting high-value wire transfers in the U.S.
Importance of ISO 20022 for Global Payments
ISO 20022 serves as a universal language for financial transactions, allowing the transmission of structured and detailed data, including clearer remittance information.
XRP Community's Reaction to the Update
XRP supporters expressed satisfaction with this development. An influencer noted that this milestone signifies a moment when 'U.S. payments started talking in the same language as global systems'.
The Big Picture for Payment Systems
The U.S. migration to ISO 20022 is part of a broader effort wherein international and domestic payment systems converge towards a unified standard. This transition promises faster international settlements and improved compliance capabilities.
The completion of the transition to ISO 20022 paves the way for more integrated financial exchange systems, although it does not yet grant direct status to cryptocurrencies like XRP.
