RFP: ISO 20022
This Request for Proposal is currently open, meaning we are actively looking for (additional) teams to apply for it.
Project Description 📄
ISO (International Organization for Standardization) 20022 is becoming the de facto global data standard for payments and electronic data interchange between financial institutions. It’s a global message standard that is already adopted by a lot of countries and is independent of the network layer. Compared to older standards, like for example ISO 8583, ISO 20022, covers all transactions, whereas ISO 8583 covers only card transactions.
The goal of this RFP is to find teams that implement tools that make it easy and possible for the traditional finance industry to leverage substrate and ink! smart contracts to interact with ISO 20022 in various ways (e.g. cross border payments, card payments, etc.). These tools could be, but are not limited to:
- (Java) APIs or packages that make it possible for the traditional finance industry to integrate a substrate-based ISO 20022 solution into their existing tech stack.
- Proof of concepts, potentially leveraging the unique Off-Chain Features of Substrate that show the advantages of using ISO 20022 together with Substrate.
- Efficient on-chain representation of the ISO 20022 XML or ASN.1-based syntax
The structure of the grant and the milestones depends highly on the project itself. It’s therefore up to the applying team to come up with a milestone and delivery structure.