In this article we will discuss ISO20022, what initiatives various blockchain ecosystems are taking to integrate with it and what opportunities there are for Polkadot regarding the standard. The article was written within the scope of a grant from the Web3 Foundation. Introduction What is ISO20022? According to the official website, ISO20022 is a "single standardisation approach (methodology, process, repository) to be used by all financial standards initiatives". It specifies messages in either XML or ASN.1 format to describe all kinds of financial transactions that can be exchanged by participants of a network that want to execute financial transactions (like banks, credit card companies, their customers, etc..). An example of such a message is pain.001, which is used to initiate a payment by a customer of a bank. An example can be found in the appendix. ISO20022 and blockchains - Opportunities and Challenges ISO20022 is an attempt to standardize all financial transactions and by the end of November 2025, most financial institutions will be expected to be compliant with the standard. For blockchain ecosystems this presents opportunities as the standard might be a good entrypoint to get closer with the traditional financial system which would help cryptocurrency adoption for the broader masses.

My name is Piero and I am requesting to join the Polkadot Fellowship. Github: https://github.com/pifragile Quick bio: Msc. in Computer Science from ETH Zürich Substrate/Polkadot for two years since I joined Encointer in 2021 Experience with various Web2 backend projects and Web3 Dapps on Tezos Contributions:

TL;DR We allow an infinite amount of proposals. A proposal will be enacted if it is in confirmed state for long enough. On enactment of a proposal, all proposals of the same type get cancelled. Overview Proposal Submission Everyone can submit a proposal