ISO 20022 offers a single standardized approach in methodology, processes and repositories to ensure communication and interaction between all global financial organizations. However, creating a single standard is a difficult and long-term goal. Therefore, ISO 20022 provides data exchange between several outdated standards.
The organization model takes shared data from various data exchange formats and converts it to a standardized format. The ISO 20022 standard is supported by 70 countries, and by 2023, 87% of the world's financial transactions will meet this standard.Ripple's participation in this process will help implement distributed registry technology in such a standard. In addition, it can affect the acceptance of cryptocurrencies in traditional financial institutions. At least, there is a benefit for Ripple — participation in such a body allows you to spread your solutions widely.