The more I think about ISO 20022, the more I feel people mix up messaging with settlement.
Yes, a shared standard helps systems talk to each other. That part matters. But does speaking the same language mean two CBDC rails can actually settle safely? Not really.
What happens if one side has instant finality and the other does not?
Who moves first?
What if the bridge fails after both sides send confirmation?
What if one central bank pauses the transfer halfway through?
These are not formatting problems. They are settlement problems.
So maybe the real question is: are we solving interoperability, or just making it look cleaner?