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Getting ISO2022 Over The Line
July 14, 2023
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The ISO 20022 migration weekend of 18–19 March came and went with minimal disruption for clients. Behind the scenes, however, a major internal project was in progress. flow reports on how Deutsche Bank tackled the Herculean task, and the lessons learnt along the way.

Over the past five years, banks, corporates and other major financial stakeholders have been hard at work preparing for the migration to ISO 20022 – the new global messaging standard for high-value and cross-border payments. The project, which provides the foundation for enhanced customer experience, streamlined compliance procedures and a host of innovative services, has been billed as the most impactful payments industry undertaking since the introduction of the Single Euro Payments Area (SEPA) more than a decade ago.

The enormity of this change cannot be overstated; the entire payments industry, including 11,000 banks worldwide, is being rewired so that valuable payment data can be captured in the new fields within the ISO 20022 standard and serve multinational corporate clients and payment services providers – and their customers – with improved speed, information, security and financial crime prevention.

Following various delays along the way, the ISO 20022 era has now successfully begun.

 

The journey begins

Over the ‘migration weekend’ of 18–19 March 2023, the global banking community started the process of moving to the new standard. This date marked a significant milestone not only for the correspondent banking space, but also for communities in Australia (RITS), Canada (LYNX), Europe (EURO 1 and T2) and New Zealand (ESAS), whose Payment Market Infrastructures also migrated to the new standard for high-value payments.

As part of this transition, the European Central Bank’s Target 2 market infrastructure took a step forward in its consolidation journey (RTGS, TIPS and Securities) and introduced central liquidity management, resulting in a completely new account structure being needed for Deutsche Bank AG Frankfurt and all EUR-currency branches.

Migration activities continued on 19 June 2023, when the Bank of England (BoE) began its transition process. From this date, all direct participants of CHAPS – the BoE’s high-value payment system – needed the ability to receive enhanced ISO 20022 payment messages using only the enhanced XML message schemas. The BoE is also working on a new RTGS core settlement engine, which is set to go live in summer 2024.

Antonios-Tzouvaras-310x167“The introduction of ISO 20022 has been a massive change for Deutsche Bank” Antonios Tzouvaras, ISO 20022 Business Tribe Lead, Deutsche Bank

Further migrations, such as those in the US, lie ahead, as well as the end of the coexistence period in the cross-border space in November 2025, but now is an opportune moment to reflect on what has gone well so far, and to identify lessons for the future.

 

A Herculean task

“The introduction of ISO 20022 has been a massive change for Deutsche Bank, not least because we took this opportunity to architecturally transform internal payment processing front-to-back, to add business value and set up the bank for the future,” says Antonios Tzouvaras, the bank’s ISO 20022 Business Tribe Lead.

 

“As with any project of such magnitude, the post-migration days have been no walk in the park, with teams continuing to work around the clock to limit the risk for negative cash management and client implications,” adds Christopher Gardner, ISO 20022 Technical Tribe Lead, Deutsche Bank.

The project involved hundreds of colleagues across numerous locations and functions, including technology, business, operations, treasury, AFC, country managers and more. For the migration weekend, Deutsche Bank established its #OneTeam onsite command centre with operations, technology, data and innovation (TDI), product and treasury in Eschborn, Germany, working borderless with strong collaboration front-to-back across all functions and a proactive flow of information between local cash operations and the central hub.

In summary, Deutsche Bank accomplished the following:

  • Introduced changes to more than 100 impacted applications within the bank
  • Performed high-volume testing with more than 20 industry partners before the migration start
  • Implemented the new standard ahead of the official start date as part of the “early adoption phase”
  • Trained more than 3,000 colleagues and implemented external communication channels, including a series of guides, dedicated website, video tutorials, webinars, blogs, etc.
  • Migrated 36 Deutsche Bank countries to the new Swift ISO 20022 messaging standard.
Christopher-Gardner-310x167“The industry migration to ISO 20022 has been a story of success”Christopher Gardner, ISO 20022 Technical Tribe Lead, Deutsche Bank

Post-migration learning points

“Looking back to 2019, when the project was first conceived, to where we are now, having processed millions of client transactions in the new standard, it is fair to say that the industry migration to ISO 20022 has been a success,” says Gardner. “That is, however, not to say that it was without a few teething issues in the early days.”

He explains that although the switch-over was smoother than anyone in the industry might have expected, the remaining issues have become lessons for the future:

1) Unexpected data received:
Incorrect formatting of incoming payment instructions hindered straight-through processing of transactions, although quick diagnosis of the problem and recapturing of such payments has proved helpful.

2) Interoperability concerns:
Given that ISO 20022 will be used alongside the legacy messaging standard until November 2025, the bank can handle both standards. However, the procedures for these two standards are not interchangeable, leading to various issues in payments processing. Industry alignment and collaboration on this topic has been important for the creation of workarounds.

3) Internal processing issues:
Complexity of infrastructure has created several challenges in payments processing, but the end-to-end view of a transaction across the systems has proved invaluable in this exercise.

Looking forward, further migrations need to be addressed, such as the migration of The Clearing House’s (TCH) high-value payment system CHIPs in April 2024. Further focus is also needed on the implementation of the additional message types and processes to complete the transition, which will be tackled on the SWIFT network later this year or in 2024.

“After the huge initial implementation effort, now is the time for institutions and market participants to continue to pick up the pace by adopting enhanced data requirements and implementing new capabilities,” Tzouvaras concludes. “Only then can the full promise of ISO 20022 be unlocked.”

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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