Hoskinson Affirms Cardano ISO 20022 Support as Deadline Nears

Charles Hoskinson Reaffirms Cardano’s Support for ISO 20022 Ahead of SWIFT Migration Deadline

Charles Hoskinson, co-founder of Cardano (ADA), has reaffirmed the blockchain network’s support for the ISO 20022 global banking standard. This announcement aligns Cardano with other major digital assets such as XRP, HBAR, and ALGO, as the financial industry approaches a critical deadline. The statement comes just 13 days before SWIFT’s hard migration deadline on November 22, marking a significant moment for global banking and payment systems.

### The Significance of ISO 20022 and SWIFT’s Migration

ISO 20022 is a unified data messaging standard designed to modernize and harmonize financial communications worldwide. It replaces older, text-based formats with structured, metadata-rich messages, improving cross-border wire transfers, securities settlements, and institutional payment messaging. The new standard enables faster, clearer, and more transparent communication between banks, payment processors, and digital asset networks.

The deadline set by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) on November 22 marks the end of the “co-existence period,” during which the old MT and new MX message formats operated side-by-side. After this date, all transactions must comply with CBPR+ (Cross-Border Payments and Reporting Plus) guidelines.

### Industry Challenges and Delays

The global rollout of ISO 20022 has faced several delays. Originally scheduled for November 2021, the migration was postponed multiple times over five years due to challenges in upgrading legacy infrastructure. SWIFT’s recent confirmation of a hard deadline emphasizes that no further extensions will be granted.

Despite this firm timeline, readiness varies widely across regions. A June report from Central Banking revealed that fewer than half of the 49 surveyed central banks were fully compliant with the standard, while about 6% had only partial upgrades. Europe leads adoption under the MiCA regulatory framework, with systems such as TARGET2 and EBA Clearing completing their transition in March 2023, aligning with SWIFT’s CBPR+ guidelines that cover payment initiation, clearing, and cash management.

### Cardano’s Position Among ISO 20022-Compliant Blockchains

Hoskinson described ISO 20022 as “necessary to open banking and combining the TradFi and DeFi worlds.” He emphasized Cardano’s role, stating that ADA “is glad to be holding the line with XRP, HBAR, ALGO, and others.”

According to Hoskinson, certain blockchain networks are poised to benefit from the growing importance of ISO 20022 compliance. These include XRP, XLM, ADA, HBAR, ALGO, QNT, and IOTA. These assets are recognized for their utility in cross-border payments, institutional settlements, and enhancing interoperability between traditional finance and decentralized systems.

### Bridging Traditional Finance and DeFi

The alignment of Cardano and other compliant blockchains with ISO 20022 positions them as crucial “bridge” assets in the evolving global financial ecosystem. Their ability to support automated, data-rich financial communication aligns perfectly with the goals of the new banking standard, offering opportunities as the industry moves toward a more integrated and efficient payment landscape.

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As the November 22 deadline approaches, Cardano’s reaffirmation of ISO 20022 support signals its commitment to fostering innovation and interoperability in both traditional and decentralized finance sectors. This pivotal moment highlights the growing importance of blockchain networks in shaping the future of global financial communications.
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