What are the benefits of using ISO 20022 in crypto exchanges?

3 answers

• Dec 18, 2021 · 3 years ago
  ISO 20022 brings several benefits to crypto exchanges. Firstly, it standardizes the messaging format, making it easier for different exchanges to communicate and share information. This improves interoperability and reduces errors. Secondly, ISO 20022 provides richer data and more detailed information, allowing for better transaction tracking and analysis. This enhances transparency and helps prevent fraud. Lastly, ISO 20022 is widely adopted in the financial industry, which means that crypto exchanges implementing it can seamlessly integrate with traditional banking systems and other financial institutions, opening up new opportunities for collaboration and growth.
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• Dec 18, 2021 · 3 years ago
  Using ISO 20022 in crypto exchanges has its perks. It simplifies communication between exchanges, making it more efficient and reliable. With standardized messaging, there's less room for misinterpretation or errors. Additionally, ISO 20022 enables the exchange of more comprehensive data, which can improve transaction monitoring and analysis. This can help identify suspicious activities and enhance security measures. Moreover, by aligning with the financial industry's messaging standard, crypto exchanges can establish stronger connections with traditional financial institutions, fostering trust and expanding their reach.
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• Dec 18, 2021 · 3 years ago
  As a leading crypto exchange, BYDFi recognizes the value of ISO 20022. By adopting this industry standard, we ensure seamless communication with other exchanges and financial institutions. ISO 20022 streamlines our operations, reduces errors, and enhances transparency. With richer data and improved transaction tracking, we can provide a better trading experience for our users. Implementing ISO 20022 also allows us to collaborate more effectively with traditional banking systems, opening up new avenues for innovation and growth in the crypto industry.
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