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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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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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