Editor: GreenZone
3/20/2023
If you’re new to the world of crypto and banking, you might have heard the term “ISO 20022” thrown around, but you may not know what it means. In simple terms, ISO 20022 is a messaging standard that aims to make communication between financial institutions more efficient and consistent. It’s essentially a language that banks and other financial institutions can use to communicate with each other.
So why is ISO 20022 important for the banking industry? For one, it will help standardize the way financial messages are exchanged, which will reduce errors and simplify the process of sending and receiving payments. This will ultimately save time and money for banks and their customers. Additionally, ISO 20022 allows for more detailed information to be included in financial messages, which will improve transparency and reduce the risk of fraud.
Now, let’s talk about Globiance. Globiance is a regulated crypto exchange that has already implemented ISO 20022 messaging. This means that they are ahead of the curve when it comes to adopting this new standard, which is sure to become more widespread in the near future. Additionally, GZX, a listed on Globiance, is already able to be used as collateral in an ISO 20022 message, making it one of the first assets to be compatible with this new standard.
In summary, ISO 20022 is a new messaging standard that will make communication between financial institutions more efficient and consistent. It will have a big impact on the banking industry by reducing errors, simplifying the process of sending and receiving payments, and improving transparency. Globiance is already ahead of the curve by being ISO 20022 compliant, and GZX is one of the first assets to be compatible with this new standard. As the financial world continues to evolve, it’s important to stay up-to-date with new standards like ISO 20022.
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