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Dallas, Texas, Aug 02, 2022 by Chainwire
Impel is pleased to announce today that Bitcoin (BTC) has been added to its ISO 20022 financial messaging API as an optional collateral for making payments. The addition will allow his BTC to be used in instant payment processes for traditional banking services and other organizations leveraging the new ISO 20022 messaging standard. This improves the customer experience, enhances security, and significantly reduces operating costs.
The future of the tech industry rests on a wide range of technologies that allow different blockchains to communicate with each other. The transfer of digital assets and data from one blockchain to another is called cross-chain compatibility. Interoperable bridges play a key role in providing robust options for using the required digital assets for payments.
Through collaboration with Dimo When one chainImpel’s user base will send BTC from its native network to XDC network As a wrapped digital asset called “XBTC” called the XRC-20 token. Both DIMO and Wanchain, one bridge at a time, aim to make the blockchain ecosystem fully interoperable. “We believe this bridge between Bitcoin and the XDC network is an important step towards building real-world interoperability in the blockchain ecosystem.said Bhavesh Thakkar, co-founder and CEO of DIMO.
Wanchain’s WanBridge uses an advanced version of the Lock-Mint-Burn-Unlock method to transfer digital assets between blockchains. There are no intermediaries or relay networks involved as assets are transferred directly from the source chain to the destination chain. For example, if you move BTC to the XDC network, the nodes of the bridge will lock it in the Bitcoin network before XBTC is created in the XDC network. $XBTC can be used as collateral for ISO 20022 payments.
Operated by a group of unlicensed decentralized nodes, bridges must be staked with sufficient funds and are elected monthly. Collectively, nodes generate signatures using a combination of Secure Multipart Computation (sMPC) and Shamir’s Secret Sharing (SSS) to secure these cross-chain assets. This is a much more secure approach than the current multisig standard. Furthermore, no single node or entity can directly access these wrapped assets. These assets are protected by a shared pool of digital assets to over-collateralize cross-chain assets.
Access WanBridge here. https://bridge.wanchain.org/#/
“Impel provides a simple solution via APIs to any organization worldwide that needs to use ISO 20022 compliant financial messaging standards.Impel CEO and Founder Troy S. Wood said: “Plus, sweeten the deal with the option to add collateral to the message payload for instant settlement.
Impel’s ISO 20022 financial messaging is already a widely adopted standard in over 70 countries and is one of the standards that the United States aims to implement by 2025. XRC-20 tokens such as $XBTC and the wrapped stablecoin USDC ($XUSDC).
Impel’s services are built and operated on the XDC Network, a highly optimized layer 1 blockchain protocol, a bespoke fork of Ethereum. The network offers significant advantages such as near-zero gas fees, reaches consensus through a Proof-of-Delegation (XDPoS) mechanism, so it is virtually energy-free, and has a transaction time of 2 seconds and over 2,000 transactions. enables high-speed processing. every second. XDC Network provides its smart contracts and cross-chain interoperability. As an Ethereum Virtual Machine (EVM) compatible blockchain, project migration to the network is seamless.
Security is important to Impel, and financial transactions are routed through highly secure APIs, utilizing a Layer 2 solution that prevents data exposure to unauthorized parties. It was developed by a team with decades of information technology experience to provide a secure technology infrastructure for banks and fintechs.
Impel does not charge any implementation, annual fees, or per-use fees for financial messaging services. The only cost for banks and financial institutions is the XDC Network’s near-zero gas fee for sending messages and payments, just under 1 cent ($0.00001) per transaction. In particular, financial transactions can be grouped together in one message. This means that multiple messages can be sent in a single transaction, allowing customization to meet stakeholder needs and desires.
Impel offers a self-paced ISO 20022 financial messaging demo that allows anyone to create and submit transaction requests over the mainnet of the XDC Network, with the option to add collateral such as $XDC. Append $XBTC or $XUSDC to the message payload. A demo is available on his Impel website. https://impel.global.
Impel is a fintech innovator that uses blockchain technology to provide financial messaging, instant payments and a bridge to the R3 Corda platform for future-oriented banks and fintechs. Created to provide a cost-effective alternative to traditional solutions such as SWIFT and SEPA, Impel’s services run on the XDC network using a decentralized, enterprise-ready hybrid blockchain to generate $ Send financial messages and payments securely and quickly using XDC or XRC-20 tokens. Leveraging superior security, Impel offers real-time payment settlement, rather than the current two-day or longer standard through central banking systems. Impel’s financial messages are compliant with the ISO 20022 standard and at no cost other than the near-zero gas charges for sending XDC Network messages or payments. With a bridge to the R3 Corda platform, $XDC or XRC-20 tokens can be moved to and from the public Corda network and used as a means of payment within the Corda ecosystem. Financial institutions can use Impel as a catalyst to strategically transform their business and unlock the value-added opportunities enabled by new standards.Click here for details https://impel.global.
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