ISO20022 PoC

[OpenSmartContract]

Project Abstract

Response to RFP 20022

Project name: ISO20022 PoC

Cross border payment example as proof of concepts,leveraging the unique Off-Chain Features of Substrate that show the advantages of using ISO20022 together with Substrate.

Grant level

• Level 1: Up to $10,000, 2 approvals
• Level 2: Up to $30,000, 3 approvals
• Level 3: Unlimited, 5 approvals (for >$100k: Web3 Foundation Council approval)

Application Checklist

• The application template has been copied and aptly renamed (project_name.md).
• [X ] I have read the application guidelines.
• [ X] Payment details have been provided (bank details via email or BTC, Ethereum (USDC/DAI) or Polkadot/Kusama (USDT) address in the application).
• [ X] The software delivered for this grant will be released under an open-source license specified in the application.
• [X ] The initial PR contains only one commit (squash and force-push if needed).
• [X ] The grant will only be announced once the first milestone has been accepted (see the announcement guidelines).
• I prefer the discussion of this application to take place in a private Element/Matrix channel. My username is: @_______:matrix.org (change the homeserver if you use a different one)

[github-actions]

CLA Assistant Lite bot: Thank you for your submission, we really appreciate it. Like many open source projects, we ask that you sign our Contributor License Agreement before we can accept your contribution. Please submit the following text as a separate comment:

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I have read and hereby sign the Contributor License Agreement.

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_{You can retrigger this bot by commenting recheck in this Pull Request}

[OpenSmartContract]

recheck

[OpenSmartContract]

I have read and hereby sign the Contributor License Agreement.

[Noc2]

Thanks a lot for the application. In general, it looks good to me. Could you remove some of the none-bold template text from the application before I share it with everyone? It's currently hard to read.

[OpenSmartContract]

Thanks a lot for the application. In general, it looks good to me. Could you remove some of the none-bold template text from the application before I share it with everyone? It's currently hard to read.

@Noc2 Thanks for review and suggestion. Cleaned up the application text, revised the scope to make the PoC more holistic. Please take another look and advise. Thanks!

[Noc2]

Thanks for the update. However, even if you want to be paid in BTC, the grant still needs to be denominated in USD. At the time of payment, we would convert the dollar amount to BTC. Also, why did the price and your daily rate suddenly significantly increase? see 7ab3fcb

[OpenSmartContract]

Thanks for taking another look @Noc2 and the explanation. Good learning experience as this is our very first time application. The cost was revised due to: 1) much expanded scope; 2) more resources and time needed; 3) developers availability and rate increase; 4) We found that XML <> XCM mapping is more complicated than just XSD data format transformations as XCVM and instruction set translation need, which is data to program mapping on the mapping side; 5) On the messaging side, need to use XCMP, UMP and DMP for just cross-chain relay on Dotsama chains, not to mention if going outside of Dotsama chains where XCM are not supported. There's more factors contributing to the revised costs given much increased complexity, additional development work and time, and a variety of niche skillsets combo needed: ISO20022, X-border payments, Polkadot, ink! smart contract, Substrate, Off-Chain Worker, XCM, XCVM, XCMP/UMP/DMP, Rust, etc. Thanks for understandings!

[OpenSmartContract]

Thanks @semuelle for the review and suggestions. Resolved requested changes. Pleaser take another look. Thanks.

[Noc2]

Thanks for the updates. Given that the exact workload is difficult to estimate, your first milestone needs to be completed before you can estimate the second milestone. My recommendation would be, in this case, just to apply for milestone one initially.

[OpenSmartContract]

Thanks for the updates. Given that the exact workload is difficult to estimate, your first milestone needs to be completed before you can estimate the second milestone. My recommendation would be, in this case, just to apply for milestone one initially.

Great recommendation. Revised accordingly. Appended "Future milestones implementing the use case with workload estimation with insights from this initial milestone" to future plans.

[takahser]

Since the total cost is currently $25k, level 2 is more appropriate here.
Apart from that, I'll have a closer look at the rest of the proposal and will be back with some comments soon.

[OpenSmartContract]

Thanks @Noc2 for the suggestion! Just added Medium article deliverable. Excited to get blessings and get started on proposed work!

[takahser]

@OpenSmartContract thanks for the update, it looks much better now.

To clarify, the initial application had 2 milestones, with the first one on use case, gap analysis and requirements, the 2nd on implementations. It was recommended to focus on milestone1 at this stage. So this milestone has no implementations.

Sorry about that, I should have taken the earlier conversation into account here. Since this first proposal is only about coming up with a spec rather than already writing an implementation, you can safely ignore my earlier comments in this regard.

One thing I noticed is that there's not a lot of code in your team repos:

• https://github.com/OpenSmartContract has no repos at all, except for a fork of this repo
• https://github.com/FPLeader has 3 repos:
  • a fork of https://github.com/substrate-developer-hub/substrate-node-template with no code added, yet
  • https://github.com/FPLeader/hypnobirthing, which is a [create-next-app](https://github.com/vercel/next.js/tree/canary/packages/create-next-app) starter template with some CI/CD config added to it by FPLeader
  • https://github.com/FPLeader/stockpull, where only the initial commit was made by @FPLeader

I'm quite impressed by your CV, however, I think it would be good, if you could provide us with some more code to demonstrate your capabilities further. Especially since the price for the proposal seems to be quite high.

[OpenSmartContract]

thanks for the update, it looks much better now.

Awesome and thanks @takahser for help making it happen!

Sorry about that, I should have taken the earlier conversation into account here. Since this first proposal is only about coming up with a spec rather than already writing an implementation, you can safely ignore my earlier comments in this regard.

No worries, it is buried in the long review history.

One thing I noticed is that there's not a lot of code in your team repos:

The implementation likely will be in future milestones by developers specialized in pallets / payments / ISO20022. There's no formal coding tasks in this milestone. That being said, for your reference here's recent code repo that goes along with this Medium article. Thanks for advocating for code quality!

[takahser]

@OpenSmartContract thanks for linking the repo. I'm ready to give it a shot as well!

[keeganquigley]

Thanks for the application @OpenSmartContract looks great, I just left a couple minor formatting/grammar fixes.

[OpenSmartContract]

Good catch @keeganquigley! Sorry for the typo. Should've run a spell checked next time. Appreciated 👍

[keeganquigley]

No worries @OpenSmartContract just want to avoid any parsing issues. Thanks, I am happy to approve as well. We've had a few attempts with ISO8583 but none for the new standard yet, so I'm excited to see this implemented in substrate. Looking forward to the results.

[OpenSmartContract]

We've had a few attempts with ISO8583 but none for the new standard yet, so I'm excited to see this implemented in substrate. Looking forward to the results.

Indeed ISO8583 is more on card based financial transactions (centralized), vs financial industry gravitating towards ISO20022 as it covers all/most transaction types. Honored to start working on such an important initiative to enable global villagers to better connect via fast, affordable and decentralized payments. Proud to partner on this journey with W3F support 👍

[semuelle]

Standing in for @takahser. I just want to note that deliverables 1-9 do not specify a medium in which you plan to publish them. We don't require that, but in any case it should be accessible and discoverable, like Markdown docs in a git repo. No PDFs please. :)

[github-actions]

Congratulations and welcome to the Web3 Foundation Grants Program! Please refer to our Milestone Delivery repository for instructions on how to submit milestones and invoices, our FAQ for frequently asked questions and the support section of our README for more ways to find answers to your questions.

Before you start, take a moment to read through our announcement guidelines for all communications related to the grant or make them known to the right person in your organisation. In particular, please don't announce the grant publicly before at least the first milestone of your project has been approved. At that point or shortly before, you can get in touch with us at [email protected] and we'll be happy to collaborate on an announcement about the work you’re doing.

Lastly, please remember to let us know in case you run into any delays or deviate from the deliverables in your application. You can either leave a comment here or directly request to amend your application via PR. We wish you luck with your project! 🚀

[OpenSmartContract]

Thanks @semuelle for standing in and approval! I agree that it's an important step to document the work and share with the community for feedback. This recent commit added the Medium article as deliverable number 10. Cheers 👍

[OpenSmartContract]

Congratulations and welcome to the Web3 Foundation Grants Program!

So excited it's approved! Thank you all, @Noc2 @takahser @keeganquigley @semuelle, for great collaborations making it happen with amazing developer experiences 💯 We're off to start this journey together, towards our shared vision to increase financial freedom for the world! The team is inspired to deliver quality milestones soon. Cheers 🥇

[OpenSmartContract]

@Noc2 @takahser @keeganquigley @semuelle

Hi Folks, so excited to share that we are getting really close to delivering the ISO20022 PoC milestones!

Would be great to take a look at this draft, and comment right in the doc. Just want to make sure the project is on the right track before official submission.

Your feedback welcome!

[takahser]

@OpenSmartContract thanks, I had a quick look and it's a bit difficult to navigate since there is no list of contents in the beginning. But one thing I observed was that there seems to be no corresponding XCM messages to the ISO20022 messages in the appendix. It might be good to add these, especially since one of your deliverables is about mapping the two message types: 3. Map ISO20022 <> XCM messages

Also, please make sure to use our template when delivering and point out where to find each deliverable (in your case, the page number and chapter within your doc would probably be useful).

[OpenSmartContract]

Great suggestion @takahser ! Added table of contents at the very beginning, and deliverables template table in the end with links for convenience, with more XCM contents added. Regarding the mapping, please refer to this section for more context. Cheers.