2024-8-9 17:30 |
A new video by NCashOfficial—Daily Crypto & Finance News explains why XRP will be integrated into the global system, which means the cryptocurrency will experience mass adoption. The YouTube video titled “100% PROOF XRP WILL BE INTEGRATED IN THE GLOBAL SYSTEM” addresses how ISO 20022 will affect XRP and the banking industry.
The presenter, Nick, explains the relevance of the ISO 20022 and how it can affect Ripple’s bank sales team. He referenced insights from Bob Way, a former Ripple employee.
The Importance of the ISO 20022 StandardISO 20022 replaces the traditional SWIFT standards (MT and MX) and also has some additional features. It is required for every bank to implement the new technology, which can easily facilitate easier integration with Ripple’s system.
Although it could be challenging, ISO 20022 simplifies the sales process for Ripple by making it easier for banks to update their systems without the risk of job losses for their workers.
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Show more +Show less – How Does This Affect Smaller BanksThe system allows smaller banks to benefit from the on-demand liquidity. This allows them to bypass larger banks and reduces the cost of transactions. Thus, ISO 20022 makes advanced technologies available to smaller banks.
A 2024 financial survey shows strong confidence in the ISO 20022 payment system among banks. Some notable statistics include:
92% of payment solution implementations involve a payments-as-a-service model. 64% of bankers indicate increased budgets for payment modernizations. 31% prioritize new technologies in their budget allocations.Read Also: Kaspa Hits Major Milestone as Tier-1 Crypto Exchange Announces Listing Plans: KAS Price Prediction
The Role of XRP and XLM in the Global Financial SystemFor Ripple’s XRP to be fully integrated with the global financial system, a model like ISO 20022 is important. Banks are making efforts to modernize their systems and integrate new technologies like blockchain, DLT, and various API solutions.
The presenter believes that Ripple has a competitive advantage since it can provide efficient settlements and clearing, potentially transforming SWIFT. Also, Ripple has been working with ISO 20022 since it started, contributing to the development of payment standards.
RippleNet, which is a network of financial institutions using Ripple’s platform for cross-border payment, is expected to keep growing as various institutions see the advantage of leveraging XRP for instant settlement and liquidity. Ripple’s solution enables large-scale use of crypto in cross-border payments.
The presenter mentions the growing adoption and integration of crypto within the global financial system, and Ripple’s XRP is leading the charge.
Ripple’s Victory Over the SEC Could Play a Major RoleThe Ripple versus SEC case has ended with XRP coming out victorious. Judge Analisa Torres has ordered Ripple to pay $41.5 million in civil penalties, and that ends the case.
This is a major victory for Ripple as the case has created a lot of negative sentiment around it for a long time. It also retarded its growth as it could not spike so high during the 2020 bull run, making 2018 the last time XRP had a major bull run.
With the lawsuit now over, the adoption of Ripple’s solutions is expected to speed up, and the price of the token spike. This can increase the speed at which it is integrated into the global banking system.
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