What the Major Transformation of the Global Financial System Means for Crypto Assets

On November 22, the world’s banks will fully transition from the old SWIFT system they have been using to the new ISO 20022 standard. This is not just a system update; it could be a turning point that fundamentally changes the nature of international money transfers.

What’s Changing

ISO 20022 replaces the MT format that has been used for decades with a message format that uses XML and includes detailed metadata. As a result:

• Significantly Faster Transfers: Cross-border transactions will become smoother than ever
• Improved Transparency: Sender information is fully recorded, making compliance with AML regulations easier
• Enhanced Interoperability: Data exchange between different systems becomes more efficient

Impact on the Crypto Sector

Several major blockchain networks are already compatible with ISO 20022. XRP, Stellar (XLM), Hedera (HBAR), IOTA, Cardano (ADA), and Algorand (ALGO) have all completed preparations for this new standard.

XRP, in particular, is designed for international payments, and the introduction of ISO 20022 could increase demand for Ripple’s bridge currency. Stellar is strengthening its presence in the remittance markets of developing countries, while Hedera has gained support for offering enterprise-grade services.

Market Perspective

Multiple analysts have pointed out that this switch in standards could lead to buying pressure on related cryptocurrencies. However, caution is advised regarding speculative price movements. The key point is whether institutional adoption and technological advantages will create long-term value.