ISO 20022
Today, the SWIFT system is used to verify every financial transaction. This mainframe operating system is from the 1980s so is extremely slow and expensive. Change is on the way. ISO is a company based in Geneva Switzerland. This company provides standardization and a quality standard so consumers can be sure of what they are purchasing or the quality of certain services they are using. There are nearly 100 ISO standards that cover every industry you can think of. Financial institutions must also take this into account under ISO 4217, as well as any value transaction. This standard, ISO 4217 takes care of, for example, the 3 letter codes we know such as EUR or USD. Now everything is ready for a big update and that under the ISO 20022 code. This standard provides modernization of the security of the payment network as well as stock exchange transactions. What is also surfacing is the fact that cryptocurrencies can also fall under this standard if they meet expectations. In order for crypto currencies to be classified as legitimate, they must meet strict requirements. This makes crypto much more accessible to central institutions such as central banks and in this way they can participate in the new standard for the global financial system. There are already some crypto assets ready to be included under this new quality label. We list them briefly.
Ripple
This is #1 on the ranking list. Ripple, meanwhile, is the second largest fintech company in America. This coin allows for lightning-fast transactions between financial institutions. Also, the transaction costs are negligible. So this crypto is fully ready to be included in the limited club of the ISO 20022. This coin is the most hated coin in the cryptospace but speculatively a good asset to include in your portfolio.
Stellar
This crypto is also ready to go. This one has pretty much the same use case as Ripple. As such, the founder of this coin was employed by the ripplete team in the past. Lumens was created to help people with international transactions. Through XLM it is possible to transfer money internationally, cheaply and quickly.
Hedera Hashgraph
This crypto is one from the blockchain 3.0 stable. This is a decentralized and distributed network that is structurally different from the known blockchains which gives it a lot of advantages over known blockchain projects.
IOTA
Iota aims to play an important role in the next industrial revolution. It is a scalable open source ledger to ensure seamless data and value transfers. This coin aims to play a central role in the Internet of Things of the future. A hugely growing and rapidly evolving market that makes it a sought after coin, now add to that it meets the new ISO standard so a must have.
XDC network
The XinFin network builds a bridge between financial institutions and blockchain technology. This is a hybrid blockchain that allows both public and private parts to be placed on the blockchain. It also allows for fast and cheap value transfers.
Algorand
This is one of the promising crypto that are currently on the market. It aims to create a transparent system where developers are well supported and can be successful due to decentralization and its applications.
Quant
This is a project that provides interoperability and thus enables communication between different blockchains. One to keep an eye on.
Future
As you can see, the coins that meet the new ISO 20022 standard are still limited. Many more will follow and it makes crypto more accessible for financial institutions. There is still a long way to go but we are heading in the right direction.
With some patience and perseverance we will certainly get where we need to be. The future looks bright.