PIX: Payment interface for XRPL

An interface to unify address resolution between Payment service providers, and inter-CBDC communication adding security, convenience and simplicity

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Inspiration

While XRPL is a great technology, the addresses are not user friendly. Coming from India and having extensive use case of UPI which works well within india. I felt adding an address resolver application would add several benefits.

What it does

PIX is an application interface designed for address resolving meaning meaning it uses a human friendly address to identify a CBDC address.

PIX Specification / Definition of PIX address: @. example: godwin@somebank.in (my name @ application provider of CBDC / payment service provider / national bank . CBDC network in this case hosted by RBI. More examples include: SMS/ USSD registered: 999002929@icb.in

In addition, the address format allows different CBDC networks, i.e. countries to easily communicate and verify an address is valid. A PSP can then perform cross border payments with ease using Vostro accounts or other mechanisms.

That's not it, the CBDC network (.in/.us/.uk, etc) can further help to simply identify the destination currency easily.

How we built it

PIX comes with two applications

  1. Hosted by a CBDC / central bank (PIX Service)
  2. Interface for Payment Service Providers(PSP) / Banks (PIX-PSP Service)

Any PSP can communicate to PIX Service which in turn will identify from address the corresponding other PSP, connect to that PSP using PIX-PSP service and then send the actual address to the origination PSP.

Challenges we ran into

While there is enormous documentation on XRPL, and my favorite being Java. I ran into challenge with several different outdated Java implementation examples and then probably decided to explore XRPL for JS.

Accomplishments that we're proud of

Although the inspiration started from UPI by NPCI. However, knowing the ecosystem of XRPL making identification simpler for PSP and cross border with currency resolution felt something valuable.

What we learned

XRPL has many great features and there is a lot to explore and build use cases. Some of which are included in my second submission for this hackathon (Ripple Pay- A PSP platform providing banking for all)

What's next for PIX: Payment interface for XRPL

-Currently PIX does not host any XRPL address on its server. However, it would be good to have this information specially with the need to resolve addresses in transaction history, etc. -If there is a mechanism to record the PIX address in ledger, like using additional details / memo in XRPL. -Providing unified interfaces for Biller (Telephone, Electricity) so that users can seamlessly get pending payments and finally make transfer using any PSP

Built With

  • java
  • spring-webflux
  • tidb
  • xrpl.js
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