ISO 20022 is an emerging global and open standard for payment messaging. It creates a common language and model for payment data across the globe. One that provides higher quality data than other standards which means higher quality payments for all. One that can adapt to new needs and new approaches. One that’s not controlled by a single interest. One that can be used by anyone in the industry and implemented on any network.
ISO 20022, already used by payment systems in over 70 countries, will be the de facto standard for high-value payment systems of all reserve currencies, supporting 80% of global volumes and 87% of value of transactions worldwide in the coming years, according to Swift.
By creating a common language and model for payments data, ISO 20022 significantly improves the quality of data across the payments ecosystem. Richer, structured, meaningful data will enable new client experiences, while improving compliance and efficiency. ISO 20022 is flexible enough to meet the needs of today and those of tomorrow.
Ripple joins ISO 20022 Standards Body
According to Ripple’s website, Ripple is now part of the ISO 20022 Standards Body—the first member focused on Distributed Ledger Technology (DLT), to help enable the next step in global interoperability and meet the evolving needs of its customers.
According to a one-pager on Ripple’s website, through RippleNet and its ISO 20022 membership, customers are now able to:
- Help define the future direction of cross-border payments.
- Access a network of global financial institutions governed by rules and functional standards.
- Leverage software to enable fast, transparent and seamless cross-border payments.
- Connect to one standardized API for all counterparty connections.
- Simplify implementations and reduce operational overhead.
Indeed, RippleNet is now one of the members of the Registration Management Group (RMG) according to the ISO 20022 website.
About the Registration Management Group (RMG)
The ISO 20022 Registration Management Group (RMG) is made of senior industry experts nominated by registered Member Entities. The RMG was created in 2004 and had its first meeting in January 2005. The RMG is the highest ISO 20022 registration body: it supervises the overall registration process and reports to ISO TC68/SC9.
The role of the RMG is to promote and support the involvement of financial service actors to facilitate the registration and maintenance of high quality globally relevant ISO 20022 compliant business models for exchange of information for financial services.
The mission of the RMG is to ensure that ISO 20022 is a trusted standard providing high quality business models for exchange of information for financial services.
The RMG defines the scope of necessary SEGs, approves business justifications for new messages and allocates them to one or more SEGs.
The RMG also acts as a “court of appeal” in case of conflicts between the RA, the TSG, the SEGs and the organisations that want to develop ISO 20022 messages (submitting organisations).
Members of the RMG include ACTUS, CFTC, Clearstream, DTCC, Euroclear, European Central Bank (ECB), European Payments Council (EPC), FIX Protocol Ltd, ISDA/FpML, ISITC, Mastercard, NACHA, IFX Forum, nexo A.I.S.B.L., SWIFT, VISA International, Bank of England and RippleNet.
RippleNet is being represented by Marcus Treacher (SVP Customer Success), Jeremy Light (VP of EU Strategic Accounts) and Anthony Ralphs (Product Manager).