Questions tagged [iso 20022]

DiamondStorm Sun Oct 06 2024 | 5 answers 1408

Could you please provide a concise explanation of what ISO 20022 is in a nutshell? I'm curious to understand the basics of this standard and how it relates to the world of finance and cryptocurrency. Is it a set of rules or guidelines that financial institutions follow to ensure interoperability and efficiency in their transactions? Or is it something else entirely? I'd appreciate any insights you can offer on this topic.

Elena Sat Oct 05 2024 | 7 answers 1846

What are the potential impacts and changes that can be expected once ISO 20022 goes live? Will it revolutionize the way financial transactions are processed and communicated globally? How will it affect the cryptocurrency industry specifically? Will it enhance security, transparency, and efficiency in the sector? What new opportunities and challenges might arise for market participants? And how will regulators and policymakers respond to the introduction of this new standard?

Michele Fri Oct 04 2024 | 5 answers 1661

I'm curious to know which banks are currently utilizing the ISO 20022 standard for their financial messaging. This international standard has been gaining traction in the industry for its enhanced security, efficiency, and flexibility. Are there any major banks in particular that have embraced ISO 20022, or is it a more widespread adoption? It would be interesting to understand the motivation behind their decision to switch to this standard, and how it's impacting their operations. Additionally, are there any challenges or obstacles that banks have faced in implementing ISO 20022, and how have they overcome them?

Eleonora Wed Oct 02 2024 | 5 answers 832

Why is SWIFT making the transition to ISO 20022? Is there a pressing need for this shift, or is it simply a matter of keeping up with industry standards? What advantages does ISO 20022 offer over the current system that SWIFT is utilizing? How will this change impact the way financial transactions are processed and managed globally? And finally, what steps is SWIFT taking to ensure a smooth and successful transition to ISO 20022?

SamuraiCourageous Mon Sep 30 2024 | 5 answers 940

Could you please elaborate on what exactly ISO 20022 is replacing in the world of finance and cryptocurrency? Is it an outdated messaging standard, or perhaps a set of protocols that have become inefficient? Understanding the context and significance of ISO 20022's replacement will help us appreciate the innovation and advancements it brings to the industry. Could you provide a brief overview of the predecessor and how ISO 20022 is set to improve upon it?