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Australian CommBank Announces Migration to XRP Payments Standard
Bank of Australia’s largest financial conglomerate, CommBank, has announced it will begin migrating cross-border payments to the ISO 20022 standard this month. CommBank expects to complete the transition of all payments it makes to the advanced standard by November 2025.
Hi there. From November 2022, cross-border payments will begin to migrate to ISO 20022, with all payments to be made and received using ISO 20022 by November 2025. This will greatly simplify cross-border payments. ^ Delz
– CommBank (@CommBank)
What makes this announcement interesting is that Ripple, which uses XRP in its operations and whose RippleNet network was originally designed to be ISO 20022 compliant, is already compliant with the standard. Apart from Ripple, the only similar company would be Stellar (XLM), which is not surprising considering their common origin in the person of Jed McCaleb.
CommBank is not even the first major Australian bank to take steps towards the new interbank correspondent standard. In March this year, National Australia Bank (NAB) began adopting ISO 20022 through RippleNet.
Australian puzzle
The fact that Ripple is involved in the creation of an Australian dollar-pegged stablecoin can also be added to the news. The first news about it came back in June 2022. At that time, as reported by U.Today, the Novatti Group, which is directly involved in the development of AUDC and built on XRP Ledger, integrated Ripple and Stellar into the project so that the companies would in turn help spread the use of the digital Australian dollar.
