New cross-chain interoperability via WanBridge provides more robust options for instant settlement
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. This addition allows BTC to be used in the instant settlement process for traditional banking services and other organizations that use the new ISO 20022 messaging standard. It provides the opportunity to improve customer experience, strengthen safety and significant savings in operating costs.
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 from one blockchain to another is called cross-chain compatibility. Interoperable bridges play a crucial role in providing these robust options for desired digital assets to be used for payment.
Through its collaboration with DIMO and Wanchain, Impel’s user base can move BTC from its native network to the 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 completely interoperable, one bridge at a time. “We see this bridge between the Bitcoin and XDC networks as an important step in creating real 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. No intermediary or relay network intervenes, the assets being transferred directly from the source chain to the destination chain. For example, when moving BTC to the XDC network, it is locked to the Bitcoin network by the bridge nodes before the XBTC is minted on the XDC network. The $XBTC can then be used as collateral for ISO 20022 payments.
The bridge, operated by a group of decentralized nodes without permission, must stake sufficient funds and is elected monthly. Collectively, the nodes use a combination of Secure Multipart Computation (sMPC) and Shamir’s Secret Sharing (SSS) to generate signatures, securing these cross-chain assets. This is a much more secure approach than the current multisig standard. Additionally, no single node or entity will have direct access to these wrapped assets, which are secured by a shared pool of digital assets to over-collateralize cross-chain assets.
Access the WanBridge here: https://bridge.wanchain.org/#/
“Impel offers simple solutions via an API for any organization in the world that needs to use the ISO 20022 compliant financial messaging standard,said Troy S. Wood, CEO and Founder of Impel.Plus, we’re sweetening the deal with the ability to add guarantees to the message payload for instant settlement.”
Impel’s ISO 20022 financial messaging is a standard already widely adopted in more than 70 countries, and it’s the one the United States aims to implement by 2025. Impel’s platform offers a settlement optional snapshot using $XDC, the native coin of the XDC network, XRC-20 tokens, such as $XBTC, and the USDC packaged stable coin ($XUSDC).
Impel’s service offerings are built and run on the XDC network, a layer-1 blockchain protocol that is a highly optimized and bespoke fork of Ethereum. The network offers significant benefits, such as near-zero gas charges, and it achieves consensus through its Delegated Proof-of-Stake (XDPoS) mechanism, thus using virtually no power and enabling fast processing within two seconds of transaction time and over 2,000 transactions. per second. The XDC network offers cross-chain interoperability 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 2 solution that prevents data exposure to unauthorized parties. It was developed by a team with decades of IT experience in providing secure technology infrastructure for banks and fintechs.
Impel will not charge any implementation, annual membership or usage fees for its financial messaging service. The only cost to banks and financial institutions is the XDC network’s near-zero gas charges for sending messages and payments, which is a fraction of a penny ($0.00001) or less per transaction. Notably, financial transactions can be bundled into a single message, meaning multiple messages can be sent in a single transaction, allowing for customization that meets the demands and desires of the parties involved.
Impel offers a self-paced ISO 20022 financial messaging demo that allows anyone to create and send transaction requests on the XDC network mainnet, with the ability to add collateral, such as $XDC. $XBTC or $XUSDC to the message payload. The demo is available on the Impel website: https://impel.global.
Impel is a fintech innovator that uses blockchain technology to provide financial messaging, instant settlement, and a bridge to the R3 Corda platform for forward-looking 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 send quickly and in secure financial messages and payments using $XDC or XRC-20 tokens. Leveraging exceptional security, Impel offers real-time payment settlement, instead of the current norm of more than 2 days through the central banking system. Impel’s financial messaging is ISO 20022 compliant, with no charges other than the XDC network’s near-zero gas charges to send messages or payments. Using a bridge to the R3 Corda platform, $XDC or XRC-20 tokens travel 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 the value-added opportunities made possible by the new normal. Learn more at https://impel.global.
Troy S. Wood
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