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5 Points About ISO 20022

Posted on by Rand Preston

ISO 20022 is an international standard for financial messaging that provides a common platform for the exchange of electronic financial messages between financial institutions and other organizations.

It was developed by the International Organization for Standardization (ISO) and is maintained by the ISO Technical Committee TC68 Financial Services. ISO 20022 provides a flexible and extensible format for financial messages, which allows for the efficient exchange of financial data between different systems and platforms. It is widely adopted in the financial services industry, including in areas such as payments, securities, and foreign exchange.

ISO 20022 helps financial firms in several ways:

  1. Standardization: It provides a common format for financial messages, which allows for the efficient exchange of financial data between different systems and platforms. This standardization helps reduce errors, lower costs, and improve efficiency in financial transactions.
  2. Interoperability: ISO 20022 enables financial institutions to communicate with each other, regardless of the systems they use. This improves the ability of financial firms to participate in global financial markets and to offer their services to a wider range of customers.
  3. Straight-through-processing: The use of ISO 20022 enables the automation of financial transactions, by providing a common language for different systems to communicate with each other. This can help reduce errors and costs associated with manual processing.
  4. Rich data: ISO 20022 provides a rich set of data elements that can be used to convey financial information, allowing for more detailed and accurate financial messaging.
  5. Innovation: ISO 20022 enables new financial services to be developed, by providing a common format for the exchange of financial messages. This allows for the development of new financial products, such as mobile payments, and services, such as real-time gross settlement systems.

Overall, ISO 20022 helps financial firms to reduce costs, improve efficiency, and increase their ability to participate in global financial markets.

Best,

Rand

I am not a financial advisor. Perform your own research before making any investment. You are responsible for your choices 🙂

#ISO20022 #DigitalCurrency #Cryptocurrency #Fintech #money

Tweet = Control = Bitcoin Control?

Posted on by Rand Preston

Tweets from business leaders like Elon Musk reshape the landscape of assets like bitcoin in a matter of minutes. Be mindful, though. Elon is in the business of sustainable energy and mining bitcoin consumes massive amounts of energy.

Musk bought $1.5 billion worth of bitcoin only a short time before expressing that Tesla will no longer accept bitcoin for payment, pushing the price of bitcoin downward. If bitcoin mining operations in China were crippled by substantially lower the value of the cryptocurrency, it could pave the way for renewable energy companies like Tesla, controlled by Musk, to bring the operation to the United States.

Bitcoin miners need to have the asset at certain levels in order for the operation to be profitable, at least to break even. Each time bitcoin halves (May 2020), the value of the coin needs to appreciate in value for the operation to remain financially viable.

Gaining control in business sometimes requires making it no longer financially viable for a competitor to perform business operations. Digital assets is business, and big business at that. To give some perspective of where this decade old industry reaches today, we should include financial markets and institutions, energy, government regulators, consumers, and retail business across the globe. It is a world-wide part of the economy and to think it will not continue to progress is to be obtuse.

Musk, among other industry titans, have the opportunity to gain massive influence over the industry, and they know it. Post a “tweet” and sink the market? Effecting billions of dollars has never been so immediate. It also opens an opportunity to bring control of bitcoin mining operations to the United States amid a loosely defined regulatory period surrounding the cryptocurrency market.

Musk has a monumental opportunity to mine digital assets (those that require that activity) through renewable energy, rather than coal power currently deployed in other countries.

– Rand

All opinions are my own and should not be considered investment advice. I am doing this to provide entertainment.

#bitcoin #cryptocurrency #renewableenergy #elonmusk #bitcointweet #digitalasset