Slightly stretching the concept of "three lines of code". But it looks clean and self-documenting to this non-js developer. Nice.
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Show HN: Iso20022.js – Create payments in 3 lines of code
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Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#32This is a nice looking website, and I can imagine this being a really useful hook into consulting work. Some thoughts: - replace strings with enums where possible. E.g. "USD" should be from an enum - this sort of data-interop library could maybe be written in a configuration language that it uses to generate libraries for different languages - a glossary would be really helpful - a list of banks who've adopted this I…
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Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#33I would've thought some sort of cryptographic signature would be used here, though maybe that's something done in a wrapper around this XML documents? Neat none-the-less! I always like this sort of actually-it's-simpler-than-you-think peek behind the curtain.
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Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#34Super stupid question, but this must have some kind of authentication, right? Where is that part?
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Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#35Hey HN, My name is Svapnil Ankolkar and I've recently built iso20022.js, a library for creating ISO20022 payments in Typescript. The goal of this project is to be the easiest way to create, and eventually ingest, files in the ISO20022 standard, the defacto XML standard for bank payments. I'd love to know what you think and importantly know about any improvements you'd like us to make!
Since you do say it in HN tagline, what are the "3 lines of code"? I can only see 43 LoC in the landing page. A tool to help massively with payments is always welcome of course, but if this is really 43 lines instead of 3 it'd feel like shady marketing (no judgement until there's a reply/clarification).
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Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#36The problem with this standard is all the free text and bank specific fields that banks will use instead of the standard. One bank I integrated with had the equivalent of "Our fee is 5.65" in a text field which you had to parse, instead of the field for fees. Of course, the language of that string could also change. Fun times
Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#37Super stupid question, but this must have some kind of authentication, right? Where is that part?
That code sample is basically how ISO20022 works, you create a file with instructions to move money from one account to another.
You would need to upload that XML to a bank to actually process the transaction.
There are other formats like NACHA (US only), where you have to generate a text file with a pretty specific format, and upload that, often via sFTP to the Bank's server to process.
Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#38It’s a shame it’s probably going to take another 10 years before any of the banks actually migrate to ISO20022 (if it ever happens) SwiftMT conversion software is currently the big sell so they don’t have to rewrite / build everything they already have.
In 2018 I implemented a software client that sent SEPA pain messages to the Luxembourg branch of a swedish bank. I don't know where you live, but at least in Europe this standard seems somewhat broadly adopted.
SEPA has always been ISO20022, SWIFT (US) is now following
Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#39Are you planning on generating all (or a subset) of 20022 messages? That’s what we did for our Go package using 20022 for RTP. We added helpers for generating IDs and the signature sign/validate.
Re: Show HN: Iso20022.js – Create payments in 3 lines of code
#40in what scenario is iso20022 payments used? would this be for forexample automating payroll?
> in what scenario is iso20022 payments used
I wanted to know this as well - specifically sms based payments if its so easy to wrap payment calls... found this:
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ISO 20022 is a global standard for electronic data interchange between financial institutions, enabling efficient and secure exchange of financial messages. It is widely used in various payment scenarios, including:
* Cross-border payments:
ISO 20022 facilitates international transactions by providing a common language for financial institutions to communicate.
High-value payments: It is used for large-value transactions, such as wholesale payments, securities settlements, and treasury transactions.
Retail payments: ISO 20022 is also used for retail payments, including credit transfers, direct debits, and e-payments.
Real-time payments: It supports real-time payment systems, enabling fast and efficient transactions.
* SMS-based payment initiation:
An SMS can be used to initiate a payment, with the payment details (e.g., amount, recipient) encoded in an ISO 20022 message. The message would then be sent to a payment processor or financial institution for processing.
Mobile payment apps:
Mobile payment apps can use ISO 20022 for payment processing in the background, while the user interacts with the app via SMS or a graphical user interface.