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ISO 20022 compliant financial messaging for cross-border and domestic payments

Impel’s API payment rails enable banks, financial institutions, and corporates to send ISO 20022 compliant financial messages with optional instant settlement capability by using digital assets on blockchain DLT.

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ISO 20022 is a standard for exchanging financial messages

Day-to-day operations of business activities are of intrinsic value to the world’s economy.

Every institution or merchant wants a convenient, low-cost, efficient, and secure payment messaging system for domestic or cross-border transactions.

It is now safe to say that the first introduction of the ISO 20022 model in 2004 is a revolution in the financial industry. It aids domestic and cross-border transactions without the need for a currency bridge. These operations promote limitless expansion and development of the customer base.

The highly complex financial services industry has to rely on common global standards to keep functioning, and ISO 20022 is about to become that universal language. This new payment messaging format is designed to simplify and improve the way financial information is processed and exchanged worldwide for more efficient, consistent, and secure results. ISO 20022 is a transformative event for the financial ecosystem, and it’s one that every stakeholder needs to understand before embarking on ISO 20022.

In the coming years, traditional banks, financial institutions, online banks and some corporations will need to move to the highly structured and data-rich ISO 20022 standard.

Learn more by reading Impel’s deep dive into How ISO 20022 Will Change the Global Financial Standard

Benefits of ISO 20022

Payments have entered a new era with ISO 20022

ISO 20022 is the newest language for cross-border and regional payments.
ISO 20022 can adapt more easily than current messaging standards, allowing for more responsiveness to changes in the economy, emerging technologies, and innovation.
ISO 20022 will be used across many payment systems, improving resilience by allowing re-routing of messages which reduces the impact of outages on users.
Compliance and regulation
Richer data will make it easier for businesses to detect fraud and help target financial crime.
Over 70 countries have already adopted ISO 20022, so messages will be harmonized with payment systems around the world.
Enriched data
More data can be carried, enabling more detailed and better structured reference information.
Competition and innovation
More flexibility means more competition and innovation in the financial sector.
Straight-through processing
Less need for banks to make manual interventions, reducing delays for the end customer.
Enriched data will improve analytics, allowing for improved decision making.

Impel is currently interviewing candidates for pilot programs

to create cross-border payment corridors throughout the world. Read on to learn more about ISO 20022 and consider your organization’s implementation needs and timing. 
Impel’s Self-paced  ISO 20022 API Demo

Why choose Impel’s ISO 20022 API payment rails rather than traditional legacy financial message providers?

Impel provides an ISO 20022 compliant financial messaging API that can be used by any institution anywhere (almost) in the world, such as a bank or corporate to send and receive financial data for either cross-border or regional payments. Our functionality can be used for bank to bank, bank to corporate or vice versa, or even corporate to corporate financial messaging.

Users of Impel's ISO 20022 API would still use nostro/vostro accounts and the Central Banking system to settle-up at the end of the day. The API is designed to be agnostic, allowing it to be a "plug and play" solution to be integrated into an organization's existing software applications or for brand new systems being built.

In addition, Impel takes it to the next level by allowing for optional instant settlement capability by including the functionality to add digital assets (cryptocurrency) such as a stablecoin like US+ or other asset types like $XDC, the native coin on the XDC Network in the message's payload for instant settlement. This method adds tremendous value by eliminating the need for nostro/vostro accounts and the Central Banking system. Plus, settlement can take place in mere seconds 24x7x365, adding a significant time-advantage benefit for all involved.
standardized-API compatibility
Standardized API

Impel’s ISO 20022 API uses a standardized XML-based methodology for annotating messages. On the other hand, older traditional providers use notations particular to MT format, a less efficient methodology that can cause inaccuracies and inconsistencies that delay and disrupt business operations.


The ISO 20022 standard allows users to provide an efficient compatible High-Value Payment system (HVPS) and also secure data promoting harmonization and reducing fragmentation. Older traditional providers are limited in accessing these huge value data, making it less useful.

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Built on the XDC Network's Blockchain

Impel's ISO 20022 API uses the XDC Network's blockchain DLT protocol, an enterprise-grade, EVM-compatible Layer 1 network equipped with interoperable smart contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches consensus through a delegated proof-of-stake (XDPoS) mechanism, which allows for two-second transaction time, near zero gas fees, and over 2,000+ transactions per second (TPS). Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases. Learn more at the community-driven XDC Foundation's site or here at XinFin's site
Everyone can benefit
Impel is an ideal solution for neobanks, startup banks, and banks in emerging markets who can’t afford the traditional legacy providers. It’s also ideal for established banks, financial institutions, and corporates who are looking to save significantly on operating costs.
Significant savings on operating cost
Impel does not charge implementation, annual membership, or bulk messaging  fees. Typically cost include hosting a node and  paying the XDC Network’s near-zero gas fee to send messages or payments That’s how we offer an extremely low transaction cost — just a fraction of a cent ($0.00001 or less) per transaction.
Military-grade security
Transactions are routed through a secure API that leverages L2 security developed by a team with decades of experience providing secure technology infrastructure for banks and fintechs. Plus, each validating node on the XDC Network’s blockchain is KYC-compliant and features built-in forensic monitoring to quickly target bad actors.
Robust as they come
Impel’s API platform offers all of the current 733 message definition version types, as well as all of the older versions too. Find the complete ISO 20022 message definitions schema list here.
Faster, more flexible payments
Impel offers real-time payment settlement, instead of the current 2+ day standard.Digital assets, including the XDC Network’s native coin,$XDC or a stablecoin such as US+ can be included in the financial message’s payload for instant settlement. The API is also highly flexible for any organization's needs, as financial messages can be sent one at a time or many payments can be rolled up and sent inside just one message’s envelope.
Designed to be agnostic and plug-and-play
Implement Impel’s API for traditional financial messaging is straightforward and an agnostic design to complement either existing systems or systems under design and development.
Impel’s ISO 20022 Architecture diagram
An overview of Impel's ISO 20022 architecture and components can be found here.

Tying it all together


Right from the start, Impel's ISO 20022 solution has been designed with great care and concern for delivering a high-level of security, as well as for being a fast and cost-efficient solution, and most importantly, to keep confidential transaction data private. The use of blockchain technology allows for a public recording of the transaction's date and timestamp, but keeps the actual financial message's data private.

Find out more about ISO 20022

Ready to take the next step?

Experience a real-time self-paced demo of sending an ISO 20022 compliant  financial message on the XDC Network's mainnet and or speak with a member of the Impel team to explore the benefits of Impel’s ISO 20022 offering. 

 Impel’s Self-paced ISO 20022 API Demo
Impel's ISO 20022 API Software

Technical & code documentation

Impel's GitBook Impel's GitLab
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