Iraq Now ISO 20022 Compliant.

[rvmydinar]

9 hours ago, shixjr said:

It says right there in the article.  It tells you EXACTLY what year it will be.  Didn't you see it?  It says, "20022".  We still have a ways to go!  😂

Upps. I didn't know that 20022 was even a year? I thought 20022 is malarky's cell phone number that frankie is used to call to confirm the date for the rv.

[Snatcher]

10 hours ago, rvmydinar said:

Upps. I didn't know that 20022 was even a year? I thought 20022 is malarky's cell phone number that frankie is used to call to confirm the date for the rv.

It is, don't you watch Star Trek? It's Star Date 20022.

[rvmydinar]

8 hours ago, Snatcher said:

It is, don't you watch Star Trek? It's Star Date 20022.

Yes i do. Don't you know that malarky and frankie are part of trek's crew member? And we all can see them in theater near you in 20022. Don't forget to watch them. It is hilary us.

 

[Artitech]

My question on this deal of ISO compliance! Are there different numbers dealing with Finance! I was thinking, I could be wrong, but I thought ISO 9003 was the top of the line for compliance! When I saw the ISO 20022, I immediately called B.S.! I'm not an expert in ISO ratings, but in my old life, I worked around all types of businesses, whither it be banks, electric plants, schools and government! I never seen or heard of this type of compliance before! I've been retired now from that line of work , for 4 yrs. now. I worked in that field 37 years, never seen or heard of ISO 20022! Not to say there is not a  20022 rating! JMHO! 🤠

 

[Artitech]

On 5/4/2022 at 9:01 AM, Artitech said:

My question on this deal of ISO compliance! Are there different numbers dealing with Finance! I was thinking, I could be wrong, but I thought ISO 9003 was the top of the line for compliance! When I saw the ISO 20022, I immediately called B.S.! I'm not an expert in ISO ratings, but in my old life, I worked around all types of businesses, whither it be banks, electric plants, schools and government! I never seen or heard of this type of compliance before! I've been retired now from that line of work , for 4 yrs. now. I worked in that field 37 years, never seen or heard of ISO 20022! Not to say there is not a  20022 rating! JMHO! 🤠

 

To correct the record, There is such a thing as ISO 20022! I guess I have become so guarded against anything I hear with this deal, that, I don't believe anything  I hear about an  RV/RI! I just read it and let go in one ear and out the other! After some vetting of this ISO 20022 it is true there is an ISO 20022 rating! The good news, this rating deals with payment processing for financial institutions! If Iraq banks have this rating this is very good news! It just goes to prove you can learn something new everyday! Hopefully we see an RV/RI this year! I'm not holding my breath though!  Happy Mothers Day, to all DV Members Mothers! If your mother is still alive get on the phone and call her, if she lives by you go see her! Because one of these days you are going to wake up and Mama is not going to answer her phone!! That's a very bad day! JMHO! 🤠

[markb57]

It would seem to me that your currency would have to be internationally recognized and traded to have any form of compliance applied to it, which the IQD is not...

[Artitech]

15 minutes ago, markb57 said:

It would seem to me that your currency would have to be internationally recognized and traded to have any form of compliance applied to it, which the IQD is not...

I agree with your statement! I know we have members that are very knowledgeable in finance! hopefully one of them that understands what is going on with this rating! I know that dealing with companies that have the ISO 9000 series of ratings are very well run companies and are well respected in their business dealings! JMHO IRAQ is not a very good country that is run by a bunch of dumb-A$$ to say the least!🤠

[Engine1]

 

ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. Wikipedia

 

 

ISO 20022, pronounced 'ISO twenty-oh-two-two', is an international standard for exchanging electronic messages between financial institutions.Mar 9, 2021

[pokerplayer]

Thxs Engine1,  that's a great explanation. 

 

pp

[DoD]

Not sure why this is in the rumors section because it’s a fact. 
Engine 1 is correct, this ISO will be taking the place of the Swift system by 2025 and I will give some kudos to Iraq for getting ahead of the curve instead of begging for relief. 
This is a pretty big deal because it connects banks internationally and gives Iraq a leg up on any future international transactions. 
I like that….

[64jaguar]

12 hours ago, DoD said:

Not sure why this is in the rumors section because it’s a fact. 
Engine 1 is correct, this ISO will be taking the place of the Swift system by 2025 and I will give some kudos to Iraq for getting ahead of the curve instead of begging for relief. 
This is a pretty big deal because it connects banks internationally and gives Iraq a leg up on any future international transactions. 
I like that….

You are correct DoD, this isn't a rumor and has been in play for years. Not sure why it's being discussed here but I'll bite. Iraq like everyone else will have to develop a CBDC's, "Central Bank Digital Currency" to utilize the ISO 20022 protocol but having a CBDC will have no benefit if it cannot be traded Globally. ISO 20022 is replacing the Swift system which is antiquated, doesn't function efficiently and is expensive for Banks.  The ISO 20022 protocol allows for the conversion of one CBDC to any other CBDC seamlessly in seconds for very low cost. The banking system moves Trillions of Dollars daily. Banks can save a lot of money utilizing the ISO 20022 protocol and they don't need to hold foreign currency for the trades they do with other countries on a daily basis. This frees up trillions in liquidity. Chart below might help you see who the players will be.. it is not exhaustive however..

 

 

 

 

 

 

[markb57]

I think Ripple/XRP will win it over Swift. Much more efficient 

[Artitech]

On 5/5/2022 at 9:31 PM, DoD said:

Not sure why this is in the rumors section because it’s a fact. 
Engine 1 is correct, this ISO will be taking the place of the Swift system by 2025 and I will give some kudos to Iraq for getting ahead of the curve instead of begging for relief. 
This is a pretty big deal because it connects banks internationally and gives Iraq a leg up on any future international transactions. 
I like that….

I think how it got in rumors section, it was being reported by frank in one of weegies poo roo reports! We now that there is such an ISO rating! I'm hoping that it is true that the Iraqi Banking system, has met the requirements for this protocol. If its true Iraq banks are ISO 20025 certified, this is very good news!!