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August 2, 2022 – Dallas, Texas
New cross-chain interoperability via WanBridge provides more powerful options for instant settlement.
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 enables the use of BTC in the direct settlement process for traditional banking services and other organizations using the new ISO 20022 messaging standard. It offers the opportunity for improved customer experience, increased security and significant operational cost savings.
The future of the tech industry lies in the wide range of techniques that allow different blockchains to communicate with each other. The transfer of digital assets and data between one blockchain to another is referred to as cross-chain compatibility. Interoperable bridges play a critical role in providing these powerful options for the desired digital assets to be used for payment.
Through her collaboration with DIMO and WanchainImpel’s user base can move BTC from its native network to XDC Network as a wrapped digital asset called “XBTC”, referred to as the XRC-20 token. Both DIMO and Wanchain aim to make the blockchain ecosystem fully interoperable, one bridge at a time.
Bhavesh Thakkar, Co-Founder and CEO of DIMO said,
“We see this bridge between the Bitcoin and XDC Networks as an important step in creating real-world interoperability in the blockchain ecosystem.”
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 to the Bitcoin Network by the bridge nodes before 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 decentralized permissionless nodes, is required to stake sufficient funds and is elected monthly. Collectively, nodes use a combination of Secure Multicomputation (sMPC) and Shamir’s Secret Sharing (SSS) to create signatures, securing these cross-chain elements.
This is a much more secure approach than the current multisig standard. Furthermore, no single node or entity will have direct access to these wrapped assets, which are secured by a common pool of digital assets to over-secure the cross-chain assets.
Access to WanBridge here.
Troy S. Wood, CEO and founder of Impel, said:
“Impel offers contingency solutions through an API for any organization in the world that needs to use the ISO 20022 compliant financial messaging standard. Additionally, we sweeten the deal with the option to add collateral to the message payload for instant settlement.”
Impel’s ISO 20022 Financial Messaging is a standard that is already widely adopted in more than 70 countries and is a standard that the United States aims to implement by 2025. Impel’s platform offers optional direct settlement using XDC, the native currency on the XDC network, XRC -20 tokens, such as XBTC and the wrapped stablecoin USDC (XUSDC).
Impel’s service offerings are built and run on the XDC Network, a layer one blockchain protocol that is a highly optimized, bespoke fork of Ethereum. The network offers significant benefits, such as near-zero gas fees, and achieves consensus through the authorized proof-of-stake (XDPoS) mechanism. hus, consumes almost no power and enables fast processing at transaction times of two seconds and more than 2,000 transactions per second.
The XDC Network provides interoperability between 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, using a layer two solution that prevents data from being exposed to unauthorized parties. Developed by a team with decades of information technology experience in providing secure technology infrastructure for banks and fintech.
Impel will not charge implementation, annual or per-use fees for its financial messaging service. The only cost to banks and financial institutions is the XDC network’s near-zero gas fee for sending messages and payments, which is only a fraction of a minute ($0.00001) or less per transaction.
In particular, financial transactions can be concentrated in a single message meaning 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-tuned ISO 20022 financial messaging demo that allows anyone to create and send transaction requests over the XDC Network, with the option of adding collateral such as XDC, XBTC, or XUSDC to the message payload. The demo is available at Impel’s Website.
About Impel
Impel is a fintech innovator using blockchain technology to provide financial messaging, instant settlement and a bridge to the R3 Corda platform to future banks and fintechs.
Created to provide a cost-effective alternative to legacy solutions such as SWIFT and SEPA, Impel’s service offerings run on the XDC network using a decentralized, enterprise-ready hybrid blockchain to securely and quickly send financial messages and payments using tokens XDC or XRC-20.
Leveraging superior security, Impel offers real-time payment settlement, instead of the current two-day standard through the central bank system. Impel’s economic messaging is ISO 20022 compliant, with no cost other than almost zero XDC network gas charges 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 within the Corda ecosystem. Financial institutions can use Impel as a catalyst to strategically transform their businesses and unlock value-added opportunities provided by the new standard. learn more here.
Contact
Troy S. Wood, CEO and founder of Impel
This content is sponsored and should be considered promotional material. The views and statements expressed herein are those of the author and do not reflect the views of The Daily Hodl. Daily Hodl is not affiliated or owned by any ICO, blockchain startup or companies advertised on our platform. Investors should do their due diligence before making high-risk investments in any ICO, blockchain or cryptocurrency startup. Please note that your investments are made at your own risk and any losses you may suffer are your responsibility.
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