SWIFT ISO 20022 Update May Shake Up Crypto: Significant Changes Coming

• By standardizing financial data elements, SWIFT will upgrade its payment system to ISO 20022 in 2023, which will assist banks, cryptocurrency, and digital currency exchanges.
• Reducing transaction costs, enhancing regulatory compliance, and promoting adoption and growth in the cryptocurrency and digital currency markets are all possible by improving interoperability.

By standardizing financial transactions, enhancing cross-border payments, and lowering the danger of money laundering, SWIFT’s upgrade to ISO 20022 will assist banks, cryptocurrency, and digital currency exchanges. According to ExchangeRates, it will also accelerate the adoption and expansion of digital assets.

The ISO 20022 standard will be adopted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in 2023, which will have an impact on banks, crypto assets, and digital currencies.

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By unifying the data elements of financial transaction, the ISO 20022 standard seeks to enhance cross-border payments. Banks, the crypto and digital currency exchanges, and the speed, cost, and transparency of transactions will all increase as a result of this standardization.

By upgrading to ISO 20022, banks will be able to better track and monitor the transactions of their customers, lowering the possibility of money laundering and other illegal activities. It will also be simpler for banks to adhere to rules like the Financial Action Task Force (FATF) travel rule, which calls for sharing customer information with other financial institutions during transactions.

The standardization of ISO 20022 will increase the compatibility of digital assets for the crypto market and conventional financial institutions. It will facilitate the integration of crypto assets into current banking systems, enabling more adoption and usage.

Moreover, by offering a defined framework for their creation and usage, adoption of the ISO 20022 standard may promote central bank digital currencies (CBDCs).

To sum up, the banking, cryptocurrency, and digital currency sectors will be significantly impacted by the upgrade of SWIFT’s payment system to the ISO 20022 standard.