Fed adopts ISO 20022, which is Ripple compliant
According to a press release on Monday, the US Federal Reserve has announced that all Fed banks are going to implement ISO 20022 for the Fedwire Funds Service (FFS) – Federal Reserve Wire Network.
Curious that Ripple blockchain-based payments are already ISO 20022 compliant.
ISO is an international standards organization with 161 national standards bodies from all regions of the world.
ISO 20022 – an international standard for the exchange of electronic messages between organizations in the financial industry. The standard is designed to build automated “seamless” business processes in different areas of the economy.
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This new messaging format improves real-time payments both domestically and internationally. In addition, it will enable banks and other institutions to take action to combat money laundering.
In addition, the Federal Reserve Board is asking the public to comment on its plan to launch FFS in accordance with ISO 20022. The Board also suggests that banks should not do the three steps for adopting the new message format, as previously planned, but move to it in one day.
FFS now runs on the same system as Ripple.
FFS enables real-time settlement by Federal Reserve Banks. The system allows financial institutions and corporations to make fast transactions safely.
ISO 20022 was created by experts from the International Organization for Standardization, a non-governmental organization (NGO) dedicated to publishing standards for a wide range of industries.
On October 1 of last year, Ripple’s senior vice president of products, Ashish Birla, announced that Ripple is already ISO 20022-compliant and therefore ready by 2030. He believes that the new standard, together with RippleNet, will completely change the payments industry in the next 10 years.