Largest Financial Conglomerate Of Australia Implements ‘XRP Standard’• November 19, 2022 10:18 pm • Comments
Recently, the Bank of Australia’s largest financial conglomerate, Commbank, just announced that they will be adopting the ‘XRP Standard’ for all cross-border payments.
This was a significant milestone for the blockchain company as Commbank has stated that it will basically migrate all of its transactions to ISO 2022 over the next three years.
Essentially, this would bring massive adoption to the XRP ledger as the volume of transactions that this bank will bring would be extremely high.
The plan is to complete this migration sometime around November 2025 and the completion of this would greatly simplify all future cross-border payments.
Hi there. From November 2022 cross border payments will start to migrate to ISO 20022 with all payments to be made and received using ISO 20022 by November 2025. Cross-border payments will be greatly simplified as a result. ^Delz
— CommBank (@CommBank) November 17, 2022
However, one of the followers inquired whether this maintenance was part of the ISO 20022 upgrade on the platform. Responding to it CommBank said:
Hi there. From November 2022 cross border payments will start to migrate to ISO 20022 with all payments to be made and received using ISO 20022 by November 2025. Cross-border payments will be greatly simplified as a result.
Ripple has been working with banking institutions to facilitate faster cross-border payments for a while. Its blockchain-based RippleNet is already very popular and used by more than 200 banking and financial institutions worldwide.
The RippleNet solution already complies with the ISO 20022 standard which is now becoming the de facto global standard for modern payments. “To help enable this next step in global interoperability and meet the evolving needs of our customers, Ripple is now part of the ISO 20022 Standards Body—the first member focused on Distributed Ledger Technology (DLT),” said Ripple.
It is also important to note that Commbank is not the first Australian bank to adopt this new standard as the National Australia Bank had also adopted the ISO 2022 standard using RippleNet earlier in the year.
So far, there is only one other Ripple competitor that has also adopted the standard and that competitor is Stellar Lumens which runs on its native token XLM.
Therefore, both Ripple and XLM are now both top contenders in the space for creating central bank digital currencies which industry experts believe will continue to grow in the next few years.
This would ultimately affect how fiat currencies and digital assets will interact with each other in the future.
CommBank announces migration to XRP standard starting November 2022 – https://t.co/XdJQbGvknK https://t.co/rZSstGXcuE
— 🟩 Dr Martin Hiesboeck #CardanoSummit2022 (@MHiesboeck) November 18, 2022
Along with Ripple, only one other blockchain platform Stellar Lumens has adopted this standard. ISO 20022 is the global standard for exchanging electronic messages between financial institutions through the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
This opens up the gates for both Ripple and Stellar to work on central bank digital currencies (CBDCs). The ISO 20022 will completely change the way how digital assets and fiat currency systems interact with each other.
Earlier this year, Novatti Group Limited (a Germany-based digital payments firm) announced a partnership with Ripple to issue an Australian Dollar-backed stablecoin, AUDC. Also, the Aurei (AUR) stablecoin will soon be available on the XRP ledger. The Australian CBDC will also be compatible with other blockchain platforms such as Flare and Songbird.
To facilitate high-value cross-border transactions, the European Union is also transitioning to ISO 20022 starting this month. Some experts believe that ISO-compliant cryptocurrency will change the digital asset landscape. They also believe regulators will ease their strict stance in dealing with ISO 20022 assets.
Bank of Australia's largest financial conglomerate, CommBank, has announced it will begin migrating cross-border payments to the ISO 20022 standard this month.$XRP #Ripple #BankOfAustralia #CommBank #ISO20022
— Ⓒⓡⓨⓟⓣⓞ • ⒷⓊⓁⓁⒾⓉ XRP | XDC • GaryGenslerResign (@CryptoBULLITT) November 17, 2022
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