World Economic Forum and ISO 20022

Photo: Krzysztof Hepner

The World Economic Forum (WEF) has been actively promoting the adoption of ISO 20022 as a global standard for financial messaging. This is done through various initiatives and partnerships with financial institutions, central banks, technology companies, and standard-setting bodies.

The WEF believes that the adoption of ISO 20022 can improve the efficiency and security of financial transactions, reduce costs and errors, and create new opportunities for innovation.

The WEF also supports the development of the standard by providing a platform for stakeholders to share best practices and collaborate on implementation efforts. Additionally, the WEF also works to raise awareness of ISO 20022 and its benefits among policymakers, regulators, and other stakeholders in the financial services industry.

Ripple is a technology company that provides a blockchain-based payment protocol, called XRP Ledger, that facilitates cross-border payments and money transfers.

Ripple’s technology is built on the ISO 20022 standard. By using the ISO 20022 standard, Ripple’s payment protocol can communicate with other financial systems and organizations, making it easier for banks, payment providers, and other financial institutions to exchange information and process transactions.

This allows Ripple’s payment protocol to facilitate cross-border payments in a more efficient and secure way. Additionally, Ripple is also a member of the ISO 20022 Registration Management Group (RMG) which is a group of experts from the financial industry and standardization bodies that helps to develop and maintain the ISO 20022 standard.

Rand

I am not a financial advisor. Do your own research before investing.

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