The rollout of ISO 20022 is changing the approach to international payment processing, and Ripple is beginning to take a significant place in this process.
What is ISO 20022?
ISO 20022 is a standard that provides efficient communication across various financial platforms. It acts as a universal language, allowing traditional systems to integrate with new technologies such as Ripple.
Ripple and its Integration into Financial Infrastructure
According to various fintech sources, Ripple is becoming increasingly compatible with traditional banking systems through the standardization of messaging under ISO 20022. J.P. Morgan has presented Ripple as a solution for cross-border transactions, highlighting its real-time capabilities and currency conversion.
Prospects for Ripple in International Payments
Documentation indicates that Ripple is a significant player in the evolving financial infrastructure, offering faster and more transparent transactions compared to legacy models. Its ability to convert funds into local currencies also helps reduce delays and extra costs.
As ISO 20022 continues to develop, Ripple is increasingly recognized as a reliable option for international payments, contributing to its integration into the traditional financial infrastructure.
