Ripple has become a member of the ISO 20022 standards body, which is driving a new data standard for payments and data messaging between global financial institutions.

The company claims to exist the kickoff distributed ledger engineering science (DLT) focused member of the group, which includes a number of international commercial and central banks along with payment processing entities like SWIFT and Visa.

The route to an international standard

ISO 20022 proposes a single standardized approach in methodology, procedure and repository to enable communication and interoperability between all global financial organizations.

While convergence into a single standard is the long-term objective, in the interim several existing legacy standards need to co-exist and share data. ISO takes common information points from the models of individual institutions and groups them into a standardized format, which can be shared betwixt systems.

The standard has already been adopted in 70 countries, and it is estimated that past 2023, 87% of global financial transactions will be supported by ISO 20022.

Is Ripple crypto'south Jekyll and Hyde?

Ripple's membership of the standards trunk marks a farther validation of cryptocurrency and DLT in the world of traditional finance. It as well allows Ripple and its customers to take a say in the time to come direction of cross-border payments.

Adherence to the ISO 20022 standard also simplifies counterparty connections and reduces associated costs.

Ripple seems to be constantly walking a fine line between respectability and suspicion in the eyes of the public.

As Cointelegraph has recently reported, for every new high profile partnership in that location is a market dilution of XRP by Ripple or its former executives, forth with ongoing allegations of XRP being an unlicensed securities sale.