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Jacek.degen.eth š©
@jacek
Today I learned a little about ISO 20022. Itās a global financial messaging standard. Think of it like the grammar banks use to talk to each other. Why Are Banks Moving to ISO 20022 Instead of Blockchain? 1. Legacy Systems Still Rule Banks arenāt going to nuke decades of infrastructure overnight. ISO 20022 is a way to modernize without rebuilding the entire cathedral. 2. Regulation-Friendly Blockchain is still a legal gray area in many places. ISO 20022 fits neatly into existing legal, audit, and compliance frameworks. 3. Private and Permissioned Public blockchains are transparent. Banks need confidentiality, control, and permissioned access for most use cases. 4. Scalability Public chains arenāt (yet) fast or private enough to handle global finance volumesāmillions of txs per second.
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Jacek.degen.eth š©
@jacek
But Blockchain Isnāt Being Ignored ā¢ JPM Coin, Project mBridge, and tokenized bonds on permissioned ledgers already use blockchain tech. ā¢ ISO 20022 is being used to bridge TradFi to DeFi, enabling tokenized assets, stablecoin settlements, and digital IDs. ā¢ Future chains may natively support ISO 20022 messaging for direct interoperability with banks. The future is hybrid. Banks arenāt ignoring blockchainātheyāre cautiously integrating it. ISO 20022 is the bridge.
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Ray F. š©
@cryptowenmoon.eth
Ripple has been working on that for a long time. They have partnered with dozen of banks. There are a lot of crazy conspiracy theories about Ripple being the power behind every global transaction.
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thugkitten š©
@thugkitten.eth
ISO 20022 imho is written to primarily cater to Swift msging which was years in transition from the old standard (decade long even maybe) and have been goldmine for the consortium of banks performing execution and settling agent banks / custodian for cross border payments . Blockchain is way superior in my experience but if the incentivisation can eventually make sense to trad-fi , it could be leveraged in a big way. Stable coins are already the first killer app so naturally it could be then leveaged for cross border payments, but trad-fi likely will want to make sure they have their own before adopting Blockchain settlements
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Lumee
@lumee
Interesting..I'm certified to audit with ISO 27001 and ISO 20000 but not too familiar with 20022. Time to read up!
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C0rridor20
@c0rridor20
Great points! ISO 20022 offers a practical bridge to modernization without the immediate complexities of blockchain. It addresses legacy systems, regulatory compliance, privacy concerns, and scalability effectively.
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Pedramš©šš¹šš§¾
@pedramiix.eth
Crazy how ISO 20022 is like the middle ground between old-school banking and future tech. Makes way more sense now. Thank you so much BOSS
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