SWIFT’s ISO 20022 upgrade will benefit crypto and banks by standardizing financial transactions and improving cross-border payments. It will also reduce money laundering risk. As ExchangeRates states, it will also increase the adoption and growth digital assets. The Society for Worldwide Interbank Financial Telecommunications (SWIFT), will upgrade its payment system in 2023.
SWIFT will upgrade the payment system to ISO 20022 by 2023. This will benefit banks, crypto and digital currency markets, as well as crypto.
Transparency will help reduce transaction costs, improve regulatory compliance and promote adoption and growth in crypto and digital currency markets.
It will also benefit banks, crypto and digital currency markets through standardizing financial transactions, improving cross border payments, and reducing money laundering risks. It will also boost the adoption and growth of digital assets, as per ExchangeRates.Source: Altcoin InvestorIn 2023, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) will upgrade its payment system to the ISO 20022 standard, a move that will have implications for banks, crypto assets, and digital currencies.The ISO 20022 standard aims to improve cross-border payments by standardizing financial transaction data elements. Standardization will make transactions more efficient, cheaper, and transparent. This will benefit banks and the crypto- and digital currency markets. It will also make it easier for banks and other financial institutions to comply with regulations like the Financial Action Task Force’s travel rule. This rule requires financial institutions to share customer data during transactions. The ISO 20022 standardization will improve interoperability between traditional financial institutions as well as digital assets for the cryptocurrency market. It will make it easier to integrate crypto assets into existing banking systems, which will allow for increased adoption and use. All parties will benefit from increased standardization and interoperability, including lower transaction costs and better regulatory compliance. This website provides general market commentary. It does not contain investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuThanaCoincu NewsTags: cryptocrypto lawCrypto marketCrypto PaymentcryptocurrencyISO 20022SWIFT ISO 20022
