7 Cryptocurrencies to Go Mainstream with ISO 20022

A complete overhaul is coming to our  everyday lives and it's represented by  three letters and five numbers ISO two  zero zero two two what the hell is ISO20022 imagine you and a friend speak two  different languages and you want to communicate with each other ISO20022 is  like a translator that helps you and  your friend understand each other's  messages by using a Common Language in  the same way ISO 222 is a standard  language that helps different Financial Institutions Communicate and exchange data electronically.

Even if they use  different Systems or Languages this  makes Financial transactions faster more efficient and more accurate just like  how a translator can make Communication easier and more effective the  Standardization of Financial messaging  through ISO20022 not only provides a common Global Language for companies and Financial Institutions but also bring several benefits. The first benefit of  ISO 20022 is it links messages to business  processes making them easier to  recognize for everyone secondly it  allows institutions to reuse components  and only have to map them once and  thirdly it uses an open International  standard that helps automated transfers  and direct processing even though the  pandemic affected the financial industry  and corporate payment Trends most  countries are still working on getting  ready to use ISO 222 for payments and  after multiple delays Swift will begin migration of the payment system onto the  new ISO standard starting in March 20th  of this year 2023. before ISO 222 the  Legacy formats like Swift were used for  international fund transfers these  Legacy formats had several limitations  like slow speed security issues and a  free message format that led to many  human errors as well as slower  processing times ISO 222 is not just  relevant for traditional financial  institutions in fact many  cryptocurrencies are now adopting the  standard as well this is extremely  important because crypto is becoming  increasingly integrated into the  traditional Financial system and  therefore needs to be able to  communicate effectively with other  financial institutions by adopting ISO  222 crypto projects can increase their  potential use cases and expand their  reach there are currently seven  cryptocurrencies that are ISO compliant  xrp xlm xdc myota algorand hbar and  cardano being complying with ISO 222  means that these cryptocurrencies will  have several benefits the greatest  benefit arguably is that these compliant  tokens could be approved by a central  bank that enables crypto payments ISO  standardized crypto identifiers are  going to change the way crypto is used  if ISO issues an official code for a  crypto such as Bitcoin and ether that  crypto will enter the database tables of  top Financial Services like visa and  MasterCard other benefits include  improved analytics Global compliance  improved fraud protection measures and  direct compatibility across entire  processing Chains new features such as  cross-chain interoperability and atomic  swaps will likely feature in the new  editions allowing users to effortlessly  convert one cryptocurrency into another  there are well over one and a half  million transactions being sent through  the current Swift system every hour and  if a token like Ada or xrp gets a piece  of that pie well need I say more more  than 70 countries have adopted ISO 222  in their payment systems including  Switzerland China India and Japan this  upgrade is the most significant change  to the Global Financial system in a very  long time and it seems that crypto is in  the right place at the right time