Overview

Cross-border and domestic payment rails leveraging blockchain DLT

Impel provides an ISO 20022 compliant financial messaging API that can be used by any institution anywhere (almost) in the world, such as a bank or corporate to send and receive financial data for either cross-border or regional payments. Our functionality can be used for bank to bank, bank to corporate or vice versa, or even corporate to corporate financial messaging.

Users of Impel's ISO 20022 API would still use nostro/vostro accounts and the Central Banking system to settle-up at the end of the day. The API is designed to be agnostic, allowing it to be a "plug and play" option to be plugged into core-banking systems.

Additionally, Impel takes it to the next level by allowing for optional instant settlement capability by including the functionality to add digital assets (cryptocurrency) such as a stablecoin like Fluent Finance's US+ or other asset types like XDC, the native coin on the XDC Network in the message's payload for instant settlement. This method adds tremendous value by eliminating the need for traditional nostro/vostro accounts and the Central Banking system. Settlement can take place in mere seconds 24x7x365, adding a significant time-advantage benefit for all involved.

Built on the XDC Network's Blockchain DLT

Impel's ISO 20022 API uses the XDC Network's blockchain DLT protocol, an enterprise-grade, EVM-compatible Layer 1 network equipped with interoperable smart contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches consensus through a delegated proof-of-stake (XDPoS) mechanism, which allows for two-second transaction time, near zero gas fees, and over 2,000+ transactions per second (TPS). Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases. Learn more at the community-driven XDC Community, XDC Foundation, or at XinFin, the organization that created and maintains the XDC Network's protocol.

Tying it all together

Right from the start, Impel's ISO 20022 API solution has been designed with great care and concern for delivering a high-level of security, as well as for being a fast and cost-efficient solution, and most importantly, to keep confidential transaction data private. The use of blockchain technology allows for a public recording of the transaction's date and timestamp, but keeps the actual financial message's data private.

Architecture Diagram

An overview of Impel's ISO 20022 architecture and components can be found here.