The US Federal Reserve has announced that Federal Reserve banks will adopt the ISO 20022 message format for the Fedwire Funds Service (FFS). The board has welcomed public comments on the new format.
Surprisingly, Ripple was already ISO 20022 compliant, making them ready for 2030. The confirmation, of Ripple being compliant was given by Asheesh Birla from Ripple. The adoption of the format by Fed has aroused the curiosity of enthusiasts.
What Is Iso 20022? How Is It Beneficial?
ISO 20022 is a format which is developed by the International Organization for Standardization. The organization is a non-governmental organization, which sets standards for industries across the spectrum.
The format enables enhanced efficiency of real-time payments for both domestic and cross-border payments. The format also allows for faster transactions and the implementation of anti-money laundering measures.
Ripple and Fed Are in the Same League?
As aforementioned, Ripple has been using the ISO 2022 for over a year now. Meanwhile, the Federal Reserve Bank FFS real-time gross settlement system is poised to embrace the format. Blockchain enthusiasts are cheerful over the news of the adoption of the format by a government entity.
As a result, the adoption of the format by the US government entity could prove useful for Ripple. In its fistfight with the SEC, the Fed is all set to adopt a tech that is being used by Ripple. This could be a solid foundation for Ripple.
Collectively, this would be an encouraging move for other government entities to employ such tech. Additionally, consumers and citizens can be confident that foolproof technology will serve Federal Reserve banks. And we can expect, Ripple to benefit from the announcements.
