Ripple has joined the ISO 20022 standardization committee which supports modern payment and data transfer technologies.
The firm indicated that it is the first participant to concentrate exclusively on the Distributed Ledger Technologies (DLT), Crypto News Flash website reported.
“The world is converging on a new global standard—ISO 20022, the de facto global data standard for modern payments. To help enable this next step in global interoperability and meet the evolving needs of our customers, Ripple is now part of the ISO 20022 Standards Body—the first member focused on Distributed Ledger Technology (DLT).“
Communication among global financial organizations
The ISO standard was developed by the Technical Committee of the International Organization for Standardization (ISO). It allows communication and interoperability among global financial organizations. Thus, the ISO 20022 was developed as a popular standard the following purposes:
“A modelling methodology to capture in a syntax-independent way financial business areas, business transactions and associated message flows
A central dictionary of business items used in financial communications
A set of XML and ASN.1 design rules to convert the message models into XML or ASN.1 schemas, whenever the use of the ISO 20022 XML or ASN.1-based syntax is preferred”
Joining the committee would allow Ripple to access the “language” that will dominate the financial communication across the globe. Thus, Ripple would seek better interoperability when interacting with other existing protocols. The company will provide more support in financial communications with other financial organizations around the world.
Cryptolydian earlier reported that Bitso, Mexico’s first Bitcoin exchange, has witnessed an unprecedented growth in remittance transactions through Ripple’s technology and the digital token XRP.
The exchange is one of one of Ripple’s On-Demand Liquidity (ODL) partners, and its performance has been outstanding since their partnership.
The company has processed more than $179 million in remittances, according to a recent report by Mexican tax and fintech lawyer Arturo Portilla.