New Alliance will Deliver Blockchain-based Financial Messaging and Instant Transaction Settlement for Traditional Banks
DALLAS — July 26, 2022 — Impel and Globiance are pleased to announce today a Memorandum of Understanding (MOU) between Oliver Marco La Rosa, Founder and CEO of Globiance, and Troy S. Wood, CEO and Founder of Impel. The MOU establishes a mutual partnership to bring blockchain technology to Globiance’s traditional banking services that will improve customer experience, security and provide significant operating cost savings.
Globiance is one of the first leaders in the industry to pilot Impel’s ISO 20022 financial messaging — a messaging standard that is already widely adopted in more than 70 countries and one the United States aims to implement by 2025. Globiance will implement Impel’s API with optional instant settlement ability using $XDC, the native coin on the XDC Network, XRC-20 tokens, such as Globiance’s native token $GBEX, or stablecoins.
Both Globiance and Impel’s projects are built and operate on the XDC Network, a Layer 1 blockchain protocol that is a highly optimized, bespoke fork of Ethereum. The network offers significant benefits, such as near-zero gas fees, and it reaches consensus through its delegated proof-of-stake (XDPoS) mechanism, thus using virtually no energy and allowing for fast processing at two-second transaction times and over 2,000 transactions per second. The hybrid XDC Network is equipped with public and private states and provides cross-chain interoperability with its smart contracts. As an Ethereum Virtual Machine (EVM) compatible blockchain, project migrations to the network are seamless.
Security is important at Impel, and financial transactions are routed through a highly secure API, utilizing a Layer 2 solution that prevents data exposure to unauthorized parties. It was developed by a team with decades of information technology experience in providing secure technology infrastructure for banks and fintechs.
Impel will neither charge implementation, annual membership, nor per-usage fees for its financial messaging service. The only cost for banks and financial institutions (FIs) is the XDC Network’s near-zero gas fee to send messages and payments, which is only a fraction of a cent ($0.00001) or less per transaction. Notably, financial transactions can be rolled up into just one message, meaning that multiple messages can be sent in one transaction allowing for customization that meets the demands and desires of the involved parties.
Impel offers a self-paced ISO 20022 financial message demo that allows anyone to create and send transaction requests over the XDC Network’s mainnet. The demo is available on their website: https://impel.global.
Globiance is a banking and exchange platform complete with payment gateways, banking services, a stablecoin, and centralized and decentralized marketplaces. Globiance offers services for both corporate and retail customers from branches in 13 countries, servicing five continents with more in development. Users have access to crypto and fiat wallets in many currencies. The personal bank/debit card is a convenient way to access crypto, shop, transact, earn rewards and more. The Platform’s deflationary token, GBEX, is the house token of Globiance. Globiance is built on the XDC Network.
Impel is a fintech innovator that uses blockchain technology to deliver financial messaging, instant settlement, and a bridge to the R3 Corda platform to future-facing banks and fintechs. Created to provide a cost-effective alternative to legacy solutions like SWIFT and SEPA, Impel’s service offerings run on the XDC Network using a decentralized, enterprise-ready hybrid blockchain to securely and quickly send financial messages and payments using $XDC or XRC-20 tokens. Leveraging outstanding security, Impel offers real-time payment settlement, instead of the current 2+ day standard via the central banking system. Impel’s financial messaging meets the ISO 20022 standard, with no cost other than the XDC Network’s near-zero gas fee to send messages or payments. Utilizing a bridge to the R3 Corda platform, $XDC or XRC-20 tokens move to and from the public Corda Network and can be used as a settlement vehicle inside the Corda ecosystem. Financial institutions can use Impel as a catalyst to strategically transform their businesses and unlock value-added opportunities enabled by the new standard. Learn more at https://impel.global.