The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) has unveiled plans to form a joint panel in early 2025 to oversee the transition to ISO 20022, a global payment standard designed to enhance cross-border payment efficiency and interoperability. The panel will meet semiannually to ensure a smooth adoption process, with full implementation targeted by November 2025.
ISO 20022: A Game-Changer for Global Payments
ISO 20022 is a universal financial messaging standard that streamlines payment processing for individuals, businesses, and institutions. Its adoption promises:
- Improved transaction efficiency
- Enhanced interoperability between systems
- Faster settlement times
Early adopters, including major financial networks like SWIFT, have already reported measurable benefits, such as reduced operational costs and increased data richness for compliance and analytics.
👉 Discover how ISO 20022 is reshaping finance
Ripple’s Potential Role in ISO 20022
Ripple, a member of the ISO 20022 Standards Body, is well-positioned to influence the standard’s implementation. Key focus areas include:
- Cross-Border Payments (CBPR+): RippleNet’s infrastructure aligns with ISO 20022’s goals for seamless international transactions.
- Stablecoin Integration: RLUSD (Ripple’s USD stablecoin) could play a pivotal role in standard-compliant liquidity solutions.
- Interoperability Advocacy: Ripple actively promotes technical cohesion among central banks and payment providers.
Industry Momentum
- SWIFT confirms November 2025 as the deadline for full ISO 20022 migration.
- Ripple’s leadership, including CEO Brad Garlinghouse, has engaged with policymakers to advance regulatory clarity for crypto-based payment solutions like XRP ETFs.
"The world is converging on ISO 20022 as the de facto standard for modern payments. Ripple’s participation in the Standards Body ensures we can meet evolving customer needs."
— Ripple’s Official Statement
FAQs: ISO 20022 and Ripple’s Involvement
Q1: What is ISO 20022?
A: It’s a global messaging standard for payments, enabling richer data exchange and faster processing.
Q2: How does Ripple contribute to ISO 20022?
A: Ripple helps shape the standard’s technical requirements and promotes adoption through RippleNet and RLUSD.
Q3: When will ISO 20022 be fully implemented?
A: The BIS CPMI targets November 2025, with phased rollouts by institutions like SWIFT already underway.
Q4: Could XRP benefit from ISO 20022?
A: Yes—if XRP ETFs gain approval, they may leverage the standard for institutional liquidity.
👉 Explore crypto’s future with ISO 20022
Conclusion
As the financial industry prepares for ISO 20022’s global rollout, Ripple’s expertise in blockchain-based payments positions it as a potential key player. With proactive engagement from regulators and institutions, 2025 could mark a turning point for interoperable, efficient payment systems worldwide.