What exactly is ISO 20022?

Ina Bagne VCD of Stronghold explains in a video which you can find in links below. 

"Well, it's a new global standard for financial messaging that is making waves in the industry. Basically, it helps financial institutions securely and efficiently exchange information with each other. It was created by the International Organization for Standardization, or ISO, an independent nongovernmental international group assets, international standards for things like quality and security management. If you ever sent a wire transfer, you may be heard of another messaging standard called SWIFT.

It's similar to 20022, but there's some key differences between the two, like the data format, level of detail, and security features.

SWIFT uses its own format, while 20022 uses XML, which is more flexible and easier to integrate.

Some central banks and financial regulators have already required the use of ISO20022 for specific systems and applications.

For example, the European Payments Council has set a deadline for 2025 for all SEPA payments to use 20022, while the Federal Reserve in the US is encouraging financial institutions to adopt it as soon as possible.

So what does this mean for digital currencies?

ISO 20022 has the potential to play a key role in the development and implementations of CBDC'S as it provides a flexible and standardized framework for financial messaging that ensures consistency and interoperability between systems.

Adopting ISO20022 could increase the use of cryptocurrencies that are compliant with it.

Two cryptocurrencies that are members of the ISO20022 standards body are Ripple's $XRP and Stellar Lumens $XLM. ($SHx runs on the to of the Stellar)

Recognizing the value of ISO20022 messaging and its potential to transform the financial industry stronghold has utilized this technology in conjunction with Blockchain ledger payments in select projects. Messaging standards are crucial for enabling the efficient and secure exchange of financial informations between different systems and technologies. They play a critical role in improving the overall performance and reliability of the financial services industry."

Short, simple, straight to the point.