Ripple’s XRP and Interledger Protocol Gain ISO 20022 Approval, Target Seamless Banking Integration
Ripple has reached a significant milestone as its Interledger Protocol (ILP) receives formal approval referenced in the ISO 20022 standard, a global framework soon to be adopted by SWIFT. This development connects ILP and Ripple’s digital asset, XRP, with the mainstream financial messaging system, positioning XRP for greater interoperability and efficiency in cross-border payments. Ripple has also reaffirmed its long-term vision to integrate XRP and ILP as central elements of a streamlined banking infrastructure, focusing on instant settlement and enhanced interoperability. Internal documents and executive statements highlight ongoing collaboration with banks, including successful trials with 12 institutions handling XRP. While institutional interest is growing, live settlements using XRP are still under development due to regulatory requirements. Ripple continues to release updates in phases to ensure compliance and smooth adoption. For crypto traders, these advancements enhance XRP’s utility, hinting at potential increases in demand and liquidity as banks and financial institutions seek efficient, crypto-friendly solutions.
Bullish
The news signals stronger institutional adoption potential for XRP, stemming from ISO 20022 approval and Ripple’s banking integration initiatives. Direct linkage with SWIFT via ISO 20022 enhances XRP’s appeal for global payments, while Ripple’s ongoing trials and increasing bank engagement bode well for future demand. Although regulatory hurdles remain, the phased approach to compliance and the drive for interoperability position XRP favorably. Historically, such major infrastructure developments and institutional focus spark increased trader interest, higher liquidity, and positive price action for the mentioned asset.