The SWIFT ISO 20022 Payment System: Accelerated Introduction and Potential Impact on Cryptographic Assets and Digital Currencies

02/26/2023 07:34 • Tech Ticker • 210 views

On February 26th, the new SWIFT ISO 20022 payment system in March will force banks to accelerate the introduction of the new system by November 2025. The company must also be able to interact with the new system. There will inevitably be further innovation, which will have a potentially important impact on cryptographic assets and digital currencies, especially in the medium term.

The upgrade of SWIFT ISO 20022 payment system may have an important impact on banks, digital currencies, etc

Interpret the above information:

The message discusses the introduction of the new SWIFT ISO 20022 payment system in March, which will force banks to accelerate their introduction of the new system by November 2025. This change is significant because the SWIFT ISO 20022 payment system is designed to improve cross-border payments by providing more detailed information about transactions. This will reduce errors and increase efficiency.

In addition to the introduction of the new system, companies must also be able to interact with the new system. This means that they will need to update their systems and processes to align with the new requirements. While this may require investment and resources, it is expected to result in more streamlined and efficient payment processing.

Moreover, the message points out that there will inevitably be further innovation, which will have a potentially important impact on cryptographic assets and digital currencies, especially in the medium term. As blockchain and other technologies continue to evolve, the financial industry is increasingly exploring the use of cryptographic assets and digital currencies. The benefits of these assets include faster cross-border payments, lower transaction fees, and greater transparency.

Furthermore, the SWIFT ISO 20022 payment system may also provide opportunities for the integration of these assets into the mainstream financial system. For example, the system may be used to facilitate the transfer of digital currencies through traditional banking channels, thereby increasing accessibility and reducing the need for specialized platforms.

In conclusion, the introduction of the new SWIFT ISO 20022 payment system represents a significant development in the financial industry, which will require banks and companies to update their systems and processes. It is expected to result in more efficient and streamlined payment processing. Moreover, the system’s potential impact on cryptographic assets and digital currencies signals a shift towards the integration of these assets into the mainstream financial system. As such, businesses and individuals should keep a close eye on further developments in this area.

In summary, the message discusses the introduction of the SWIFT ISO 20022 payment system, the accelerated introduction required by November 2025, the need for companies to update their systems to interact with the new one, and the potential impact on cryptographic assets and digital currencies. Businesses and individuals should pay attention to the changes in the industry brought about by this introduction.

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