The involvement of Ripple, XLM, and IOTA with ISO 20022 could lead to integration with SWIFT, which was recently awarded as the best cross-border payment provider. ISO 20022 was introduced to provide international standards for the exchange of electronic messages between financial institutions, addressing challenges such as inefficiencies and increased costs. The ISO 20022 messages contain better data quality than previous cross-border payment formats, enabling businesses to deploy resources effectively and efficiently, and improving fraud detection. SWIFT is set to join ISO 20022 by March 2023, and all messages will be based on ISO 20022 by November 2025, with financial institutions allowed to send MT messages during the transition period.
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