An implementation of the ISO 20022 standard on Intelligent Banking Contracts is presented

The EASE Protocol, announced today the successful implementation of ISO 20022 messaging standards directly into blockchain smart contracts.

From the blockchain platform specializing in enterprise and government grade solutions that focus on ease of use and mass adoption, they have highlighted significant progress in the integration of financial technology.

On the other hand, they have also claimed that their new development will allow financial institutions to automate banking processes across different blockchain ecosystems using the ISO 20022 standard, a globally recognized standard that is also replacing the venerable SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system.

The features will soon be publicly available on the EASE test network, allowing banks and financial institutions to test the integration capabilities prior to full deployment.

Douglas Horn, the CEO and architect of the EASE Protocol, explained that by integrating ISO 20022 messaging into smart contracts, what they achieve is “creating the bridge that traditional financial institutions need to fully embrace blockchain technology.”

“For the first time, our smart contracts enable banks to automate these processes to increase efficiency and reduce costs. EASE gives banks a powerful reason to engage with blockchain technology, which will drive global adoption of automated financial services across multiple blockchain ecosystems,” stated Horn.

In this context, it is worth noting that this new implementation includes sophisticated cross-chain bridging systems that manage transactions between EASE and selected Ethereum Virtual Machine (EVM)-compatible blockchains. According to what has been revealed, so far they would be: Ethereum, Polygon and Binance Smart Chain, and Solana in the near future.

Put another way, EASE is developing a bridging system between blockchain ecosystems, therefore, beyond token transfers, these bridges will enable the exchange of native messages, messages and ISO 20022 shares with selected smart contract shares triggered along with transfers, which in turn will create a functional network of transactions across the chain, allowing banks in an EASE system to work across multiple ecosystems with access to ISO 20022-enabled smart contracts, a messaging standard that global financial institutions are adopting.

For financial institutions, the ability to maintain regulatory compliance while drastically reducing settlement times and costs across previously incompatible systems represents a significant competitive advantage.

In this regard, Horn has stated that, at last, banks will have a “real reason” to add blockchain to their systems.

“Blockchain has long held the unrealized promise of adding efficiency to the traditional banking system. We can finally deliver on that promise with this new smart contract integration of the new global standard for banking messaging,” he commented.