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What is ISO 20022?

Updated: Mar 30

The cryptocurrency industry has seen rapid growth and development in recent years. As a result, regulators, banks, and payment processors are beginning to see the value in increased oversight and standardization.

ISO is the International Organization of Standardization. It was created back in 2018 to bring an updated modernized way for financial institutions to communicate with each other. It is a universal language for financial messaging that banks, payment networks, and other financial institutions use to communicate in a secure and standardized manner.

It was created with the goal of increasing the efficiency and accuracy of financial transactions, lowering operational costs, and making transactions more transparent.

The most common of these standards is the SWIFT standard. SWIFT stands for “Society for worldwide Interbank Financial Telecommunications.”

This message type under the ISO15022 standard is used for international payments, cash management, trade finance and treasury business.

This system however is old and has been utilized since the birth of Kanye West, 1977.

It’s only a matter of time before a faster and a more efficient system gets put into place right? And yes, the time has finally come that the ISO 20022 standard will take charge of the wheel of financial communication.

All of the past message formats will be consolidated into a new language known as the MX messages powered by XML.

SWIFT has also stated that they will enable ISO 20022 messages for cross-border payments starting March 2023. For the first 3 years, both the old and the new systems will co-exist allowing banks to adapt at their own pace.

But how will ISO 20022 impact the crypto industry?

  • The adoption of these standards will make it easier for cryptocurrency exchanges and other crypto-related businesses to send and receive payments in a secure and reliable manner. This will allow them to better manage their finances and comply with regulations.

  • Banks and payment networks will be able to provide more comprehensive services to cryptocurrency users by utilizing ISO 20022. Banks, for example, will be able to provide more detailed information about their customers' transactions and balances. Banks will be able to better monitor and manage their customers' crypto-related activities as a result of this.

  • Furthermore, the adoption of ISO 20022 will facilitate the development of new cryptocurrency-related products and services.

  • Banks and payment networks will be able to create products and services specifically for cryptocurrency users. This will allow banks to better serve their customers' needs and provide a broader range of services to the crypto industry.

The Advantages of Compliance

  • Greater visibility and trust among investors and traders.

  • Increased security for storage and transactions.

  • Increased liquidity for trading operations.

  • Lower risk of fraudulent activity.

  • Increased customer trust in the coin's or token's stability and dependability.

These eight coins and tokens have been certified as ISO 20022-compliant:

1. Quant (QNT): Introduced in June 2018, Quant is a powerful over-ledger with the potential to completely transform global financial networks and systems. Its mission is to connect, communicate, and interact with other blockchains and ISO 20022 networks while maintaining operational efficiency and interoperability.

2. Ripple (XRP): Ripple (XRP) is a digital asset that is native to the RippleNet payments network. It aims to provide enterprise customers with fast and secure transactions—the XRP token bridges different currencies, allowing users to transfer money quickly and cheaply.

3. Stellar (XLM): is a decentralized payment network that allows for near-instant and secure cross-border payments. Other operations supported by the Stellar Network include asset transfers between users.

4. Hedera (HBAR): Hedera is a decentralized public network that provides access to an immutable, cryptographically secure ledger to developers and users. The network's consensus mechanism is powered by HBAR tokens, allowing it to reach finality in as little as 5 seconds.

5. IOTA (MIOTA): IOTA is a decentralized, open-source distributed ledger protocol that specializes in machine-to-machine transactions in the Internet of Things (IoT). The MIOTA token serves as a medium of exchange for platform transactions.

6. XDC Network (XDC): The XDC Network is a blockchain-based protocol that allows users to send money using XDC tokens. The XDC protocol enables businesses and developers to build innovative network-based applications.

7. Algorand (ALGO): Algorand is a permissionless, pure proof-of-stake distributed ledger technology that allows users to quickly and securely transfer value. The network's consensus mechanism is powered by ALGO tokens, allowing it to reach finality in as little as 2 seconds.

8. Cardano (ADA): ADA is the native currency of Cardano, a decentralized proof-of-stake (PoS) blockchain platform. Cardano is the seventh most valuable project by market capitalization and is sometimes referred to as the Ethereum Killer.


In 2023, ISO 20022 will undergo several changes. The ISO 20022 Crypto List Committee will revise the criteria for inclusion on the list and expand the list of compliant coins and tokens. Furthermore, the organization will make changes to improve security and reduce fraudulent activity.

Cross-chain interoperability and atomic swaps are likely to be included in the new additions, allowing users to easily convert one cryptocurrency into another.

This international transaction standard has grown in popularity because it allows for more data-rich payments than traditional formats. As a result, financial institutions around the world are weighing their options and timetables for completing the upgrade.

For a detailed video on ISO 20022 you may check this out

The ISO 20022 protocol will become even more secure and reliable for international and cross-border payments as a result of these changes.

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