CryptoIso20022 Interop

Enables interoperability between ISO20022 formats and XRPL payments

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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 payer you can transform pain.001 payment instructions from your accounting software into cryptocurrency payments and send them globally within seconds at a fraction of a cent. As a payee you can fetch received cryptocurrency payments from your wallet and transform received payments into camt.054 xml format for your accounting software.

During this hackathon phase 2 we've built following major features for SMEs facilitating sending and receiving XRPL payments as XRPL issued currencies (ex. USD.Bitstamp or EUR.Gatehub).

  • Using add custom sidechain a user is now able to use any endpoint/sidechain
  • Wallet detail shows balances, available trustlines. and Xumm KYC info. This facilitates understanding, whether an issued currency is used for a specific payment or not.
  • A user is now able to use any issued currency for sending payments. Therefore no currency conversion for both sending and receiving payments is needed simplifying the process.

How we 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 we ran into

Existing code only supported XRP as sending currency. All amounts in a pain.001 were converted into XRP using exchange rates of a provider. Issued currencies could not be used. One challenge was to ensure that all changes are compatible with existing behavior. Another one was to present the relevant information (ex. sender/receiver trustlines with limits and fees) in a transparent and comprehensible manner.

Accomplishments that we're proud of

With these changes an SME can now use any issued currency for both sending and receiving payments in their accounting software. Users aren't limited to XRP as payment currency anymore reducing possible exchange rate differences and confusions. This lowers the barrier to use cryptocurrencies as an integrated payment method in existing business workflows.

What we learned

It is possible to provide an easy and understandable tool to seamlessly integrate XRPL into an existing accounting payment workflow. SMEs don't necessarily have to deal with native cryptocurrencies itself. With our solution we demonstrate it's possible, to send and receive well known currencies like USD or EUR directly. XRPL built in functionality enables developers to abstract that complexity in their software even more.

What's next for CryptoIso20022 Interop

Creating unit tests, minor UI enhancements, additional testing and bugfixes are next steps. We will also consider allowing user to choose while sending payments whether he or she would like to a) convert amounts into XRP as before this hackathon or b) use issued currencies as built as new functionality. Depending on used issued currency's transfer fee, a user could further reduce the cost of a transfer. More feature requests for CryptoIso20022 Interop is gathered based on feedback from interested SMEs.

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