.Ripple became the first blockchain company to adopt the standard back in 2020
According to the report, roughly 11,000 banks will be able to use the new message format. American banking giant JPMorgan believes that it will be one of the most significant changes in the history of banking.system gave rise to plenty of competing projects that focus on cryptocurrencies. Stablecoins have been pitched as one of the most viable solutions for speeding up cross-border payments. Some legacy standards that are still used by banks date all the way back to the 1970s.
However, JPMorgan's Sara Castelhano believes that cryptocurrency upstarts might have a hard time competing with SWIFT if it achieves sufficient speed with the ISO 20022 standard.Both old and new standards will be used simultaneously by banks during a multi-year transition period. The vast majority of cross-border transactions are expected to be done with the help of ISO 20022.
France Dernières Nouvelles, France Actualités
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