Impel Adds Bitcoin to ISO 20022 Financial Messaging on XDC Network

Impel is pleased to announce today that bitcoin (BTC) has been added to the ISO 20022 Financial Messaging API as an optional security for making payments.

This addition allows BTC to be used in the instant settlement process for traditional banking services and other organizations using the new ISO 20022 messaging standard.

It allows for improved customer experience, increased security and significant operating cost savings.

The future of the technology industry lies in the wide range of techniques that allow different blockchains to communicate with each other.

Transferring digital assets and data between one blockchain to another is called cross-chain compatibility. Interoperable bridges play a crucial role in providing these robust options for desired digital assets that can be used for payment.

Through the collaboration with DIMO and Wanchain, Impel’s user base can move BTC from its native network to the XDC network as a wrapped digital asset called “XBTC”, referred to as an XRC-20 token.

Both DIMO and Wanchain aim to make the blockchain ecosystem fully interoperable, one bridge at a time. “We see this bridge between the Bitcoin and XDC networks as an important step in creating real-world interoperability in the blockchain ecosystem,” said Bhavesh Thakkar, co-founder and CEO of DIMO.

Wanchain’s WanBridge uses an advanced version of the Lock-Mint-Burn-Unlock method to transfer digital assets between blockchains.

No intermediaries or relay networks are involved, as assets are transferred directly from the source chain to the destination chain. For example, when you move BTC to the XDC network, it is locked on the Bitcoin network by the bridge nodes before the XBTC is minted on the XDC network.

$XBTC can then be used as collateral for ISO 20022 payments.

The bridge, operated by a group of permissionless, decentralized nodes, is required to stake sufficient funds and is elected monthly. Collectively, the nodes use a combination of Secure Multipart Computation (sMPC) and Shamir’s Secret Sharing (SSS) to generate signatures, securing these cross-chained assets.

This is a far more secure approach than the current multisig standard. In addition, no single node or device will have direct access to these wrapped assets, which are secured by a shared pool of digital assets to over-secure the assets across chains.

Access WanBridge here.

“Impel offers simple solutions via an API for any organization in the world that needs to use the ISO 20022 compliant standard for financial reporting,” said Troy S. Wood, CEO and founder of Impel. “In addition, we enhance the agreement with the option to add security to the message’s payload for instant settlement.”

Impel’s ISO 20022 financial reporting is a standard that is already widely adopted in more than 70 countries, and it is a standard that the United States aims to implement by 2025.

Impel’s platform offers optional instant settlement using $XDC, the native coin on the XDC Network, XRC-20 tokens, such as $XBTC, and the wrapped stablecoin USDC ($XUSDC).

Impel’s service offering is built and operates on the XDC Network, a Layer 1 blockchain protocol that is a highly optimized, custom fork of Ethereum.

The network offers significant benefits, such as almost zero gas fees, and it achieves consensus through its delegated proof-of-stake (XDPoS) mechanism, thus consuming virtually no energy and enabling fast processing of two-second transaction times and over 2,000 transactions per second.

The XDC network provides interoperability across chains with its smart contracts. As an Ethereum Virtual Machine (EVM) compatible blockchain, project migrations to the network are seamless.

Security is important at Impel, and financial transactions are routed through a highly secure API, which uses a Layer 2 solution that prevents data exposure to unauthorized parties.

It was developed by a team with decades of information technology experience in providing secure technology infrastructure for banks and fintechs.

Impel will not charge implementation, annual membership or per-use fees for its financial messaging service. The only cost to banks and financial institutions is XDC Network’s near-zero gas fee for sending messages and payments, which is only a fraction of a cent ($0.00001) or less per transaction.

In particular, financial transactions can be rolled up to just one message, which means that multiple messages can be sent in one transaction, allowing for customization that meets the requirements and wishes of the parties involved.

Impel offers a self-paced ISO 20022 financial messaging demo that allows anyone to create and send transaction requests over the XDC network mainnet, with the option to add collateral, such as $XDC. $XBTC or $XUSDC to the message payload. The demo is available on Impel’s website.

About Impel

Impel is a fintech innovator using blockchain technology to deliver financial messaging, instant settlement and a bridge to the R3 Corda platform to forward-thinking banks and fintechs.

Designed to provide a cost-effective alternative to legacy solutions such as SWIFT and SEPA, Impel’s service offering runs on the XDC network using a decentralized, enterprise-ready hybrid blockchain to securely and quickly send financial messages and payments using $XDC or XRC-20 Tokens .

Leveraging unparalleled security, Impel offers real-time payment settlement, instead of the current 2+ day standard via the central banking system. Impel’s financial messaging meets the ISO 20022 standard, with no cost other than XDC Networks’ near-zero gas charge for sending messages or payments.

Using a bridge to the R3 Corda platform, $XDC or XRC-20 tokens are moved to and from the public Corda network and can be used as a settlement vehicle inside the Corda ecosystem.

Financial institutions can use Impel as a catalyst to strategically transform their businesses and unlock value-adding opportunities made possible by the new standard. Learn more here.

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