Smart Contract Functionality
Impel's ISO 20022 API uses Smart Contracts on the XDC Network
Impel's ISO 20022 Smart Contract
Because the XDC Network is a fork of Ethereum, it is EVM compatible and also allows for smart contract functionality. Impel's ISO 20022 API's smart contract. The smart contract stores all of the committed proofs and acts as an escrow until every participant approves the terms of the proof.
Diagram of Impel's ISO 20022 API Smart Contract
(1) When a proof is to be committed, one party gathers all info, requests signatures, and creates and commits a proof proposal (1), attaching collateral (if required).
(2) Then an event is published by the contract. Other participants can listen to this event and validate the proof proposal.
(3) If the validation is successful they can approve (2) the proposal, attaching collateral (if they should). If validation fails they can reject it.
(4) If the agreement is not met at specific designated time (defined by the creator) or if transaction is rejected, the attached collateral will be returned back to the sender.
Financial messages exchanged between parties may contain digital assets in the messages payload, therefore only the net settlement amount is exchanged between participants.
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