ISO20022 compatible ICP smart contracts

As we observe the ongoing advancements in the peer-to-peer digital payment sector, such as Twitter or Jack Dorsey’s Damus app, an important question arises: How can we ensure that these transactions comply with existing regulations, particularly for cross-border transfers, and make them compatible with established banking systems?

ISO 20022 is a global standard for financial messaging that aims to standardize electronic data interchange between financial institutions.
It provides a structured way of exchanging data for financial transactions, including payments, securities and trade services.

The ICP blockchain platform is likely the only platform capable of executing ISO20022 compatible transactions at a significantly lower cost compared to traditional systems.

We have created tools that automatically convert ISO20022 compatible messages into Motoko data types. We have already generated a substantial portion of the messages.

All of our code is open source, as our intention is to offer building blocks for ICP application development, enabling them to utilize the ISO20022 standard. We are also actively working on other industry standards, such as RosettaNet, to further enhance our offerings.

Additionally, we possess tools that facilitate the integration of ICP smart contracts with established banking systems that are compatible with ISO20022.


The FedNow Service was launched on July 20, 2023, and is available to depository institutions in the United States. It enables individuals and businesses to send instant payments through their depository institution accounts. The service is a flexible and neutral platform that supports a broad variety of instant payments.1 It aims to enable financial institutions to deliver end-to-end faster payment services to their customers.

The Federal Reserve will use ISO 20022, an internationally accepted data-rich messaging standard, to define the message flows and formats for the FedNow Service.

ISO20022 compliance is a red herring any financial activities to happen on chain. It doesn’t actually matter.

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Sir you are a gentleman and a scholar.

I believe that the scope of ICP is much larger than pure crypto platforms like Ethereum or Solana. It can handle many traditional financial use cases on-chain, such as credit card processing terminals. "ISO 20022 is not just about compliance but mainly defines universal data type standards for finance use cases. "ICP is one of the few, if not the only, blockchain platforms capable of storing such data messages on the chain. We should seize this opportunity.


Ok so , on my dap I have already implemented a Lyra Iframe credit card process.
The issue that remains is pci compliance

Link is here, scroll below the ofx

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I am thinking more about replacing services like Lyra or Square with ICP on chain based solution. It can be accessible to any other ICP solution on canister level. It can use ISO20022 credit card message standard to interact with external services. Even use zero knowledge mechanism proof mechanism.


I agree with you, this is something I have been thinking about for a long time. Some issues I have faced while talking to professionals on the ISO side of things and as a medium sized merchant:
There is a real reluctance to give access to payment gateways to new or “web3” based service providers. I say this from anecdotal experience.
I all will point out the issue of finding an acquiring bank to to play ball.
These are all from my last year of pursuing what you are saying via my professional life.

Merchant side:
Currently, the fees to process credit cards from major providers are large (upwards of 2%+)
On 7 figure monthly settlements that is a healthy sum.
Capture and desposit side:
“Settlements” as they are professionally know involves alot of compliance work and salesmanship related to front end hardware that is very much so weighted against migration to web three.

B2B large sum settlements? Canistees can work great.
Credit card retail capture on an E-commerce or Brick and mortar Level? May be more trouble than it’s worth.

Id love to discuss this further and I forked your repo.


I think the biggest obstical to this is payment gateway access and finding an aquiring bank

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Yes, I would like definitely hear more about specific use cases.

Currently, our primary focus is on offering open-source infrastructure solutions to developers rather than developing financial services on ICP. We are actively working on other specifications, such as RosettaNet or Acord (industry standard in the insurance sector).

Additionally, our goal is to create solutions that seamlessly connect ICP applications with existing software infrastructure. As we move forward, we hope to see wider adoption of ICP in more complex vertical solutions, including finance, supply chain, and insurance. In such scenarios, these connectors will play a crucial role in facilitating smooth integration and interoperability.

This should definitely be added to the roadmap. With banks and governments planning to implement CBDCs and ability to connect TradFi would be a catalyst for adopting the internet computer.