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Read ISO20022 pain.001 XML and transform into XRP payments
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Fetch received XRPL payments, transform them into ISO20022 camt.054 XML for accounting software
Inspiration
Simplified accessibility and lower barrier for SMEs to use XRPL payments in their ISO 20022 supported accounting software.
What it does
CryptoIso20022 Interop enables interoperability between ISO 20022 file formats and cryptocurrency payments. It aims to facilitate sending and processing received crypto payments within existing financial software's ISO 20022 capabilities. As a payee you can fetch received cryptocurrency payments from your wallet and transform received payments into camt.054 xml format.
Work done during this hackathon allows SMEs to export received XRPL payments as XRPL issued currencies into camt.054 xml files. Received payments in USD.Bitstamp or EUR.Gatehub for example can now be exported as fiat payments for an accounting software without any exchange rate applied.
How I built it
CryptoIso20022 Interop is an open source software built in Java using xrpl4j. That allows users to use this software on Windows, macOS and Linux. The additional functionality has been created on a separate feature-branch to enable further development as a complete mergeable feature. No new hardware or software is needed.
Challenges I ran into
Existing code only supported processing XRP as received currency. Issued currencies were ignored. One challenge was to ensure that all changes are compatible with existing behavior. Another one was to allow a user to visually separate same fiat currency codes from different issuers (ex. USD.Bitstamp or USD.Gatehub).
Accomplishments that I'm proud of
With this change an SME can now process received payments in any issued currency from XRPL in their accounting software. Users aren't limited to XRP as payment currency anymore. This lowers the barrier to use cryptocurrencies as an integrated payment method in existing business workflows.
What I learned
SMEs don't necessarily have to deal with native cryptocurrencies itself. XRPL built in functionality enables developers to abstract that complexity in their software even more.
What's next for CryptoIso20022 Interop
Minor UI enhancements, additional testing and bugfixes are next steps. Afterwards the equal functionality for sending payments needs to get implemented. SMEs should also be able to send XRPL payments using issued currencies instead of XRP only. More feature requests for CryptoIso20022 Interop is gathered based on feedback from interested SMEs.
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