BPV announces ISO 20022 support for the Stellar blockchain and Circle USDC

March 22, 2023

BPV announces ISO 20022 support for the Stellar blockchain and Circle USDC

BPV announces ISO 20022 support for the Stellar blockchain and Circle USDC

BP Ventures, a blockchain consulting and software services firm, has completed development of support for ISO 20022 on the Stellar blockchain. The move will open possibilities for 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. The standard is already used by many real-time clearing systems around the world such as SWIFT, SEPA in Europe, Faster Payments in the UK as well as many other payment systems. 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.

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 meta data according to the new ISO 20022 standard.

“We believe that we have implemented the most robust mapping of ISO 20022 XML to date. This will allow banks and financial institutions everywhere to benefit from Stellar’s blockchain technology, the stablecoin Circle USDC, and remain compliant with ISO standards,” said Founder of BPV, Anthony Barker.

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.

references:
https://www.jpmorgan.com/solutions/treasury-payments/insights/what-is-iso-20022
https://www.bis.org/cpmi/publ/d215.htm
https://www.swift.com/news-events/news/why-adopting-iso-20022-good-you-and-your-clients