RFP: ISO 8583
This Request for Proposals is currently considered under development, meaning one or more grants have been signed to address the topic. We might be interested in additional implementations, but it’s better to double check this with the grants team.
Project Description 📄
ISO 8583 is an international standard for systems that exchange electronic transactions initiated by cardholders using payment cards. It defines a message format and a communication flow, but offers also custom fields and custom usages. Most transactions that involve ATMs are based on this standard and Mastercard, Visa and Verve networks base their authorization communications on the ISO 8583 standard.
Even though ISO 8583 is going to be replaced by ISO 20022, it might take some time before it’s actually fully replaced.
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 8583 in various ways. 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 8583 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 8583 together with Substrate.
- Efficient on-chain representation of the ISO 8583 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.