- Charles Hoskinson reaffirmed Cardano’s (ADA) support for ISO 20022, aligning it with XRP, HBAR, and ALGO.
- The statement comes 13 days before SWIFT’s hard November 22 migration deadline for the new global banking standard.
- A June report showed less than half of central banks were fully compliant, creating an opportunity for ISO 20022-ready blockchains.
Charles Hoskinson has positioned Cardano (ADA) alongside other ISO 20022-compliant blockchains, reaffirming the network’s support for the new standard. The move comes as the global banking industry enters the final 13-day countdown to SWIFT’s hard migration deadline.
Related: 13 Days Left: Banks Face ISO 20022 Mandate as XRP, Stellar Tout Compliance
Hoskinson described the standard as “necessary to open banking and combining the TradFi and DeFi worlds.” He added that ADA “is glad to be holding the line with XRP, HBAR, ALGO, and others.”
The November 22 date was set by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It marks the final, non-negotiable end of the “co-existence period,” where old MT and new MX formats operated side-by-side.
The Mandate: A Unified Standard for Global Finance
ISO 20022 introduces a unified data format. This standard is designed to enhance cross-border wire transfers, securities settlements, and institutional payment messaging. It replaces older, text-based systems with structured, metadata-rich formats. This new structure enables faster, more transparent communication between banks, payment processors, and digital asset networks.
The global rollout, however, has faced multiple setbacks. Implementation has been postponed three times in five years due to difficulties in modernizing legacy infrastructure. SWIFT previously delayed the migration from November 2021 to 2022 before finalizing this month’s hard deadline. The organization now confirms no further extensions will be granted, requiring all transactions to comply with CBPR+ (Cross-Border Payments and Reporting Plus) guidelines.
Widespread Delays Persist as Deadline Nears
Despite SWIFT’s commitment, global readiness remains uneven. A June report by Central Banking revealed a critical gap. Less than half of the 49 central banks surveyed had fully implemented ISO 20022, while about 6% had only partial upgrades.
Europe, governed by the MiCA regulatory framework, leads adoption. Both TARGET2 and EBA Clearing completed their transition in March 2023. This move aligns them with SWIFT’s CBPR+ program, which includes 15 usage guidelines covering payment initiation (pain), clearing (pacs), and cash management (camt).
Hoskinson Aligns Cardano With Compliant ‘Bridge’ Assets
This is the gap that compliant blockchains are positioned to fill. According to data shared by Hoskinson, a specific roster of networks is identified as beneficiaries of this new standard. This group includes XRP, XLM, ADA, HBAR, ALGO, QNT, and IOTA.
These assets are recognized for their roles in cross-border payments, institutional settlements, and interoperability. Their core functions align directly with ISO 20022’s goal of enabling automated, data-rich global financial communication.
Related: Ripple, Hedera, Algorand, and XDC Becomes ISO 20022-Compliant Crypto Projects
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/xrp-hbar-iso-20022-support-swift-deadline-hoskinson-cardano-compliant/
