Questions tagged [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 Is it an outdated messaging standard, or perhaps a set of protocols that have become inefficient?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?

CryptoEnthusiast Mon Sep 30 2024 | 7 answers 1758

Excuse me, but could you please elaborate on why ISO 20022 is considered a significant matter in the realm of cryptocurrency and finance? I'm curious to understand the implications it holds for the industry, specifically in terms of enhancing transaction efficiency, security, and interoperability. How does it compare to other standards currently in use, and what are the key advantages it offers that make it stand out? I'm eager to grasp the significance of ISO 20022 and its potential impact on the future of our field.

Michele Sun Sep 29 2024 | 5 answers 1038

Could you elaborate on some of the drawbacks of implementing ISO 20022? Are there any challenges financial institutions may face in adopting this standard, and how might it potentially impact their operations? Additionally, are there any concerns regarding compatibility or interoperability issues that could arise with the adoption of ISO 20022?

alexander_smith_musician Sun Sep 29 2024 | 6 answers 1492

Can you tell me, in simple terms, what the ISO 20022 standard is all about and how it might affect people who are not directly involved in the financial industry? I'm curious about how this standard could potentially impact day-to-day transactions and how it might make things more efficient or secure for the average person. Is it something that we should all be aware of?

CryptoElite Fri Sep 27 2024 | 6 answers 1497

Could you clarify if ISO 20022 is exclusively intended for cross-border payments, or does it have broader applicability in the realm of financial transactions and communications? I'm interested in understanding if its scope extends to domestic payments and other types of financial messaging, given its reputation for enhancing data quality and streamlining communication between financial institutions.