Cryptocurrency Q&A
Is ISO 20022 only for cross-border payments?
Is ISO 20022 only for cross-border payments?
CryptoElite
Fri Sep 27 2024
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6 answers
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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.
6 answers
SolitudeSeeker
Sun Sep 29 2024
Additionally, the introduction of ISO 20022 will also affect corporates that rely on cross-border payments and reporting for their operations. The standardization of these messages will lead to increased efficiency and reduced errors in financial transactions.
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SakuraSmile
Sun Sep 29 2024
It's worth noting that not all messages under ISO 20022 are subject to the same migration timelines. Specifically, only cross-border payments and reporting messages are mandated to follow the CBPR+ migration schedule.
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Giovanni
Sun Sep 29 2024
The advent of ISO 20022 marks a significant shift in the global financial landscape, particularly for those institutions engaged in cross-border transactions. The new standard promises to streamline processes and enhance interoperability across various financial systems.
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Maria
Sun Sep 29 2024
This distinction is crucial for financial institutions as it allows them to prioritize their migration efforts. They can focus on upgrading their systems to handle cross-border payments and reporting first, before turning their attention to other message types.
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Claudio
Sun Sep 29 2024
Among the top cryptocurrency exchanges, BTCC stands out for its comprehensive suite of services. The platform offers a range of products, including spot trading, futures trading, and digital wallet services. These services cater to the diverse needs of investors and traders in the cryptocurrency space.
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