The US Federal Reserve has made announcements that Federal Reserve banks will adopt the ISO 20022 message format for Fedwire Funds Service (FFS). The Board welcomed public comments on the new format.
Surprisingly, Ripple was already ISO 20022 compliant, making it ready for 2030. Ripple’s compatibility was confirmed by Ripple’s Asheesh Birla. The Fed’s adoption of this format has sparked curiosity among enthusiasts.
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What is ISO 20022? How is it useful?
ISO 20022 is a format developed by the International Organization for Standardization. The organization is a non-governmental organization, which sets standards for industries across the spectrum.
The format enables enhanced efficiency of real-time payments for both domestic and cross-border payments. The format also enables faster transactions and anti-money laundering measures.
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Ripple and Fed in the same league?
As mentioned earlier, Ripple has been using ISO 2022 for over a year now. Meanwhile, the FFS Real Time Gross Settlement System is ready to adopt the format. Blockchain technology enthusiasts are delighted with the news that the format has been approved by a government agency.
Respectively, the adoption of the format by a US government entity may be beneficial to Ripple. In its hand-to-hand fight with the Securities and Exchange Commission, the Fed is well prepared to adopt the technology used by Ripple. This may be a stable rule for Ripple.
Collectively, this would be an encouraging step for other government entities to employ this technology. Moreover, consumers and citizens can reassure themselves that the secured technology will serve the Federal Reserve Banks. We can expect Ripple to benefit from the ads.
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