ISO20022 Compliance

CIC is compliant with the ISO20022 messaging standard.

The International Organization for Standardization (ISO) created the ISO20022 messaging standard as a way to address the disorganized process of international transfers caused by different financial institutions using their own coding languages for messages. By consolidating these different formats into a single message format standard using eXtensible Markup Language (XML), ISO20022 aims to create a more streamlined and efficient process.

While some institutions still use their own coding languages, many are starting to support and implement the ISO20022 standard, including the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which began supporting the standard in 2018. SWIFT is currently testing and integrating ISO20022 into their system, with plans to fully implement it by the end of 2022.

The US Government, represented by the Federal Reserve Board (FSR), is also moving towards adoption of the ISO20022 standard. The FSR plans to fully adopt the standard by the end of 2023. This significant backing is likely to become a leading catalyst for most institutions to follow.

The ISO20022 messaging standard is a crucial step in creating a more efficient and standardized messaging system in the financial industry. By adopting this standard, financial institutions can communicate more effectively and reduce errors and delays in international transfers. Additional sources can provide further context on the benefits and implementation of the ISO20022 standard.

CIC Chains Compliance?

CIC Chain, although not yet publicly verified, is compliant with the ISO20022 messaging standard, which is a significant development in the cryptocurrency industry. By using the XML language and enterprise-grade security, CIC Chain is able to communicate directly with financial institutions, enabling developers to build robust financial applications that can easily integrate into financial management systems.

At present, only a small number of cryptocurrencies, such as XRP, XLM, IOTA, XDC, QNT, HBAR, and ALGO, are publically verified and compliant with the ISO20022 standard. By being an early adopter of the standard, we are proud to support the standardization of Distributed Ledger Technology (DLT) and the expansion of cryptocurrency into a state of mass adoption. This also gives CIC Chain an early movers advantage and a secure future in the blockchain space.

As the financial industry continues to adopt the ISO20022 messaging standard, the compliance of CIC Chain with this standard will position us to be at the forefront of the cryptocurrency industry, and enable us to play an important role in shaping the future of financial technology. Additional sources can provide further context on the benefits and implementation of the ISO20022 standard for cryptocurrencies.