Degen

Today I learned a little about ISO 20022.

It’s a global financial messaging standard. Think of it like the grammar banks use to talk to each other.

Why Are Banks Moving to ISO 20022 Instead of Blockchain?

1. Legacy Systems Still Rule
Banks aren’t going to nuke decades of infrastructure overnight. ISO 20022 is a way to modernize without rebuilding the entire cathedral.

2. Regulation-Friendly
Blockchain is still a legal gray area in many places. ISO 20022 fits neatly into existing legal, audit, and compliance frameworks.

3. Private and Permissioned
Public blockchains are transparent. Banks need confidentiality, control, and permissioned access for most use cases.

4. Scalability
Public chains aren’t (yet) fast or private enough to handle global finance volumes—millions of txs per second.

Great points! ISO 20022 offers a practical bridge to modernization without the immediate complexities of blockchain. It addresses legacy systems, regulatory compliance, privacy concerns, and scalability effectively.