The Future of Finance: How ISO20022 is Reshaping Global Finance #Finance

we’ve been talking about ISO 2022 for years but we’ve mostly just been talking about the coins most of you probably know that a few major coins are connected to ISO 2022 and that it’s going to be important for mainstream financial institutions but today we’re going

to take a step back to look at the tech and talk about the implications that this has for the global economy let’s get it I’m not a financial advisor welcome to bit boy x I’m your host the bit boy if you want more of this Alpha that you can’t get anywhere else make sure to

smash the like button subscribe to the channel and for more stick around till the very end of this CashNews.co to learn what my favorite ISO 2022 coin is Swift is a global banking Network that helps exchange trillions of dollars every day it’s stands for the society for worldwide interbank

Financial telecommunication a very long name but you can think of Swift as the backbone of the financial services sector about half of all high value payments across borders go through Swift it links more than 11,000 banks in 200 plus countries Swift doesn’t actually move the money though it

provides the information about where the money is going and what it’s for so much so 42 million messages are sent to enable these payments every day think about it this way a country can’t just send a bank billions of dollars without telling it what and who it’s for so how does

this affect Russia well Russia is the second largest user of Swift only after the United States removing Russia will sever the country from much of the Global Financial system this will damage its economy right away and we’ve already seen that this morning it will also cut off its

Profits from oil and gas and limit Russia’s federal budget now because they’ve been cut off from Swift Russia will likely need to use a telephone or a fax machine to send money internationally and that’s if any banks around the world will transact with them at all

in this CashNews.co we’re going to break down ISO 2022 which is a new standard for communication between International Banks to make it easy for this CashNews.co I’m just going to call it ISO or the iso standard this is an essential service for banks because they need to transfer

important information about accounts and their balances and they can’t just use public channels because hack impersonations and other attack vectors can be avoided if you think about it there are probably a ton of ways that someone could rob a bank just by intercepting that information the

systems that are being used now have been pretty secure for the most part but they’ve also been very slow and inefficient you might be familiar with the Swift system it’s an international messaging Network that basically has a monopoly on communication between Banks this is different

from what ISO is doing but they fit together remember I said that ISO is a messaging standard and Swift is a messaging Network so ISO basically fits into a network like Swift even though this standard is mostly known for its connection to bold; color: #1a73e8; text-decoration: none;">Crypto it’s actually much bigger than Crypto it’s an upgrade for the entire Global Financial system and it just so happens the

blockchain technology will be used to make it happen called it and some Crypto projects that we recognize will have a small seat at the table cable Swift is actually planning on upgrading its

outdated systems with the iso standard they set a deadline of March of 2025 for the upgrade it’s only about 6 months away but this standard could also mean the end of Swift 2 because bricks countries are also planning on using the standard many central banks of these countries and other

central banks around the world are actually already using the iso standard but it’s also likely that anything they work on together will also be compliant it makes sense the largest of these would be China’s crossb interbank payment system which is also called sips or kips I think

it’s sips and already uses isip there’s also Russia system for transfer of financial messages or spfs which was developed as a result of the sanctions that cut the country off from the Swift Network and start the decay of America I digress thank you Joe Biden this is one of those

blockchain breakthroughs that improves things so much that it’s undeniable and all of these big institutions all over the world have no choice but to adopt it it’s not just more efficient but it also allows more data to be sent and it doesn’t have the same compatibility that old

standards did in the past Banks and financial institutions usually have their own proprietary systems or Swift had its own close system but this is a global standard that they can all tap into so it will probably make this communication process much faster and cheaper for banks around the world yay

Bank save money this even gets into things as simple as language translation which is actually a challenge in traditional messaging systems ISO is also built for automation meaning that once it’s adopted it will allow Banks to automate other processes that rely on messaging which is pretty

much everything ISO will also become a big part of making Central Bank digital currencies possible cbdcs and we can tell that the central banks will be using this standard because both Swift and breaks are so you know that individual central banks are going to want to be compatible or forced uh

with the standard that is already being adopted even the Federal Reserve has announced that it will be adopting the standard for its own internal messaging service so now that you know about the tech and the geopolitical background let’s get into the

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Crypto connection Crypto Assets will be playing a big role as well but it’s not going to be the

entire list from coin market cap only blockchain networks that are compatible with the iso standard will be used in these systems there are a few different coins that will be compatible but xrp it’s at the top of the list by itself by far xrp is the largest ISO compliant coin by marap but

it’s also already seeing adoption from traditional financial institutions which means that they are probably already working on setting things up it’s a no-brainer harar Iota stellar and Quant are also on the list of compliant coins which makes sense when you think about it because

these blockchains are usually recognized as being a bit corporate and aligned with traditional Finance now these coins are not guaranteed to pump just because the iso standard will be rolling

out just because they’re compliant with standard doesn’t mean the banks will be using them well except for xrp because banks are already using it I’m sure that xrp won’t be the only ISO compliant text-decoration: none;">Crypto asset the benefits from this upcoming shift but it’s definitely in the best position by a long shot it’s all guys be blessed good boy out