- BP Ventures has completed the development of support for ISO 20022 on the Stellar blockchain.
- This development will allow trillions of dollars worth of financial sector transfer volume to migrate to the Stellar network.
BP Ventures, a blockchain consulting and software services firm, has completed the development of support for ISO 20022 on the Stellar blockchain. This development will allow trillions of dollars worth of financial sector transfer volume to migrate to the Stellar network.
Developed by the International Standards Organization, ISO 20022 is a global standard for data transfer between financial institutions essential for many types of electronic payments.
What is ISO 20022?
ISO 20022 is used for payment settlements as well as the settlement of stocks and other securities. By standardizing transfer and compliance protocols, companies can cut costs and reduce risks. SWIFT is scheduled to implement the standard in March 2023.
Benefits of ISO 20022 and Stellar Network
BPV has developed ISO 20022 support for Stellar’s standardized KYC rails, which were implemented via Stellar Ecosystem Proposals (SEP) 9 and 31. Now, payments and other asset transfers will be able to leverage the benefits of Stellar— such as 5-second settlement, low fees, and immediate finality— while at the same time processing all transaction metadata according to the new ISO 20022 standard.
The impact of ISO 20022 covers many data types beyond payments, including transaction monitoring, client reporting, asset settlement, and other elements, so planning for migration early is important for financial institutions worldwide. Barker believes that the implementation of the standard presents an opportunity for financial institutions to upgrade their infrastructure.
The whole financial sector will need to restructure their workflows to reflect ISO 20022 compliance. This new integration on the Stellar network makes it possible to improve operational efficiency while achieving compliance with the new standard at the same time.
BPV is a US-based blockchain software services and consulting firm. Founded by two fintech entrepreneurs with extensive Web3 experience, the company helps financial institutions increase efficiency, security, and market reach by integrating blockchain digital asset management solutions into their workflows.
In summary, BP Ventures has completed the development of ISO 20022 support for the Stellar blockchain, allowing trillions of dollars worth of financial sector transfer volume to migrate to the Stellar network. ISO 20022 is a global standard for data transfer between financial institutions essential for many types of electronic payments.
