SWIFT, the international financial messaging organization, has made an important statement regarding the role of blockchain in the ISO 20022 standard. This acknowledgment opens new prospects for integrating traditional financial systems with distributed ledger technologies.
SWIFT's Role in the ISO 20022 Standard
A SWIFT representative noted that the organization acts as a registration authority for ISO 20022, conducting development and maintenance work. They emphasized that this standard is not limited to the SWIFT network and is already used by many market infrastructures.
Implications for Financial Systems
SWIFT described ISO 20022 as a methodology for creating financial messaging standards. This universal model would unify financial communications both domestically and cross-border. The representative also pointed out the growing trend of blockchain development leveraging the ISO 20022 standard, highlighting the intersection of traditional financial systems with decentralized networks.
Market Reaction to SWIFT's Remarks
In response to SWIFT's comments, X user Darius Ellis remarked that this acknowledgment represents a significant step forward. He noted that SWIFT's recognition of blockchain within the context of ISO 20022 shows a convergence of traditional financial infrastructure with digital assets. This may lead to smoother transactions between different platforms in the global financial system.
SWIFT's acknowledgment of the possibility of integrating blockchain with the ISO 20022 standard opens new opportunities for enhancing the interaction between traditional financial systems and innovative solutions. This highlights the growing importance of blockchain in finance and suggests a future where financial messaging technologies become more interconnected.
