Ripple has reportedly confirmed its participation of the ISO 20022 standards body – specifically set up to achieve a new data standard for payments and data messaging, among international financial entities. 

Specifically, Ripple reportedly believed it is the first participant whose work concentrates on distributed ledger technology (DLT) of the organization – consisting of global commercial and central banks, as well as payment processing firms, nominally SWIFT and Visa.

ISO 20022 reportedly looks to establish a standardized take on methodology, process, and repository, to achieve communication and interoperability across international financial institutions. 

While single standard convergence is a goal in the long run, temporarily, numerous current legacy standards have to co-exist and share data. The common data points from the models of separate entities will be extracted by ISO, and put together into a group using a standardized format, shareable among networks. 

The standard has reportedly been rolled out across 70 different nations, with an estimated amount of 87% financial transactions across the globe that will be supported by ISO 20022.

The news of Ripple onboarding the body has reportedly reinforced the impact of crypto and DLT in the traditional finance sector, ultimately granting Ripple and its clients more power in shaping the future direction of cross-border payments.