The emerging standard ISSO 20022 has a new member in the form of Ripple, which means it can now transfer data electronically with other financial institutions. Ripple <a href="https://ripple.com/lp/iso-overview/" target="_blank" rel="noopener">boasted </a>on its official website that it is the one and only Distributed Ledger Technology (DLT) member of the newly formed body. The company believes as the world is evolving at a rate not seen before, this is the right move to meet the demands of its customers further and also tighten its grip on the global interoperability and remittance industry.

TC68, the ISO technical committee is behind the development of ISO 20022. The platform runs on modelling methodology in order to note the transactional messages exchanged between financial institutions.

ISO 20022 runs independently without a solo interest controlling it, and its availability is not as an issue either as it can be implemented by anyone on any network. <a href="https://www.swift.com/standards/iso-20022-programme" target="_blank" rel="noopener">SWIFT </a>believes that ISO 20022 would lead in the line when it'll come to payment Astatula as it currently supports 87% of transactional value in various corners of the world. Approximately 70 countries or so have already adopted it. In January HSBC  also became a <a href="https://www.swift.com/news-events/news/iso-20022-in-focus-with-hsbc" target="_blank" rel="noopener">member</a>.
<h2>ISO 20022 Could be a Masterstroke</h2>
RippleNet has already established <a href="https://www.cryptoknowmics.com/news/top-faq-about-xrp-everything-you-need-to-know-about-ripple/">Ripple</a> well in the payment industry and now by joining ISO 20022, it appears that Ripple would further grow in stature in the remittance industry.  Through RippleNet, the firm has already targeted many banks and institutions, especially in South Asia, banks in Thailand for instance, to settle cross border payments and serve its customers better.

Ripple now would have access to financial institutions worldwide and quicker, more opaque transfers can be done by the firm now by leveraging the new technology. With the progress, RippleNet has made in the last year, and now by joining ISO 20022, the company looks set to dominate the payment industry for years to come.

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Rippple Become The First DLT Member of ISO 20022

The ISO 20022 helps in electronic data transfer between financial instiuitions and has been adopted by more than 70 countries around the world.

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Rippple Become The First DLT Member of ISO 20022

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