Impel — A Next-Gen Alternative to SWIFT, SEPA For ISO 20022 Compliant Financial Messaging.
ISO 20022 is a universal financial industry message scheme, a multi-part international standard prepared by ISO Technical Committee TC68 Financial Services. ISO 20022 enables richer, better structured, and more granular data end-to-end to be carried in payment messages. Almost 200 market infrastructure-driven initiatives are either already implementing ISO 20022 or are considering adopting the standard for payments and securities transformation projects.
Impel offers a powerful new way to send ISO 20022 compliant financial messaging over the XDC Network via an API that allows for complex data handling and high security. Impel will improve how financial business is conducted by offering high-tech solutions that provide significant progress over traditional means. Impel leverages the XDC Network’s blockchain as our foundation and backbone to deliver exceptional solutions to future-facing banks and fintech.
Utilizing a Layer 2 solution, these financial messages can be sent without worrying about data exposure to unauthorized parties. This platform provides the first cost-effective alternative to legacy financial messaging solutions like SWIFT and SEPA, but with exceptionally lower intermediary costs and improved record-keeping.
How is Impel different from my existing messaging service?
Besides being more secure and significantly faster, Impel does not charge a fee to use its service offerings (except for the low XDC Network fee). This means that Impel is generally a significantly lower-cost solution than legacy providers.
Why you should adopt it now for cross-border payments
The ISO 20022 standard is quickly becoming the global language for financial messaging. However, Impel’s financial messaging solution goes even further by offering an optional real-time instant settlement capability using the XDC Network’s native coin XDC (or XRC-20 tokens) as collateral in the message’s payload. This allows for instant settlement rather than having to wait for traditional central banking system settlement through Nostro/Vostro accounts.
Why IMPEL and What does IMPEL Offers?
- R3 Corda | XDC Network Bridge: To allow businesses to have settlement options. A unique technology, this bridge enables $XDC, the coin native to the XDC Network, to move to and from the public Corda Network and to be used as a settlement vehicle inside of the Corda ecosystem, allowing value to move freely between the Corda public network and public blockchain networks like the XDC Network. Buy XDC
- Faster payments: IMPEL offers real-time payment settlement, instead of the current 2+ day standard via the central banking system. $XDC can be included in the financial message’s payload for instant settlement, either owned outright by the sender or borrowed as a low-cost solution for instant settlement from a community-supported $XDC pool fund.
- Military-grade security: Transactions are routed through a secure API that leverages L2 security developed by a team with decades of experience providing secure technology infrastructure for banks and fintech. Each validating node on the XDC Network is KYC-compliant and features built-in forensic monitoring to quickly target bad actors.
- Incredibly easy technology adoption: It’s simple and easy to implement Impel’s API for traditional financial messaging — and it’s identical to the current SWIFT API standard.
- ISO 20022-compliant messaging: Impel’s financial messaging meets the ISO 20022 standard, which is quickly becoming the global language for financial messaging.
- No cost except gas fees: IMPEL does not charge implementation, annual membership, or per usage fees. All you pay is the XDC Network’s near-zero gas fee to send messages/payments. That’s how IMPEL offers an extremely low transaction cost — just a fraction of a cent ($0.00001 or less) per transaction.
- Simple visibility and management: Impel’s service offerings are easy to implement and they provide high-touch, ultra-responsive customer service. Administrative monitoring tools for reporting and management are at your fingertips.
Impel offers a self-paced ISO 20022 financial message demo that allows anyone to create and send transaction requests over the XDC Network’s mainnet. Financial institutions can now use Impel’s service offerings to strategically transform their businesses and unlock value-added opportunities enabled by the new standards.