• lp
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  • Registered: 04/12/2022
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Topic: Incorporating Crypto Currency Payments Capacity into FrontAccounting

I recently saw a post on twitter (see below) regarding a developer that was setting ISO 20022 compliant payment processing system for XRP / XRPL.

I'm thinking this sort of payment arrangement is the way of the future and would allow convenient banking access to anyone using FrontAccounting.

In short, this guy has setup some software (on Github) that will process multi-payments (via the XRPL - possible in various currencies however transferred in XRP) via an exported csv file from an accounting system. Likewise, the software will allow for the download of transactions from an XRP account and export into a csv file for import/processing into the accounting system. This is to be done in the upcoming compliant format per ISO 20022. 

Just wanted to put it out there and see if anyone else has some thoughts on creating import/export csv's for FrontAccounting, that would allow convenient processing of payments and receipts via XRP/XRPL in a compliant upcoming banking format i.e. ISO 20022.

https://twitter.com/SchlaubiD/status/1536282159601926148?s=20&t=s3wKS9nSjm5-hg_UTILheg
https://youtu.be/-u307nu72SQ
https://t.co/OGZajUPYML
https://t.co/uq7XP8rraw

Cheers

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  • lp
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Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

https://github.com/radynamics/CryptoIso20022Interop

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  • lp
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Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

See this video of one developer leading the process of integration of crypto payments into accounting systems worldwide.

https://youtu.be/WGuKhgZUo8o

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  • From: Australia, Perth
  • Registered: 04/03/2024
  • Posts: 1

Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

lp wrote:

I recently saw a post on twitter (see below) regarding a developer that was setting ISO 20022 compliant payment processing system for XRP / XRPL.

I'm thinking this sort of payment arrangement is the way of the future and would allow convenient banking access to anyone using FrontAccounting.

In short, this guy has setup some software (on Github) that will process multi-payments (via the XRPL - possible in various currencies however transferred in XRP) via an exported csv file from an accounting system. Likewise, the software will allow for the download of transactions from an XRP account and export into a csv file for import/processing into the accounting system. This is to be done in the upcoming compliant format per ISO 20022. 

Just wanted to put it out there and see if anyone else has some thoughts on creating import/export csv's for FrontAccounting, that would allow convenient processing of payments and receipts via XRP/XRPL in a compliant upcoming banking format i.e. ISO 20022.

https://twitter.com/SchlaubiD/status/1536282159601926148?s=20&t=s3wKS9nSjm5-hg_UTILheg
https://youtu.be/-u307nu72SQ
https://t.co/OGZajUPYML
https://t.co/uq7XP8rraw

Cheers

Thanks for the interesting idea!
I have familiarized myself with the materials you provided. I personally prefer the usdt payment method - it is an interesting option for processing payments, but in this case I see the advantages of using XRP/XRPL.
Creating CSV files to import/export to FrontAccounting using XRP/XRPL is a promising idea that could:
Simplify payment and receipt processing.
Provide access to banking transactions for FrontAccounting users.
Comply with ISO 20022, which will become mandatory for bank transfers in Europe.
I will be glad to follow the development of the project and share my thoughts.

P.S. I also read the other materials you provided and found them very informative.

  • lp
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Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

Thanks for the feedback and comments.

I have a few ideas I'd like to implement but just don't have time at present, I think the technology is there to make it all work for Front accounting.

- Creating a FA  ISO 20022 export file would work with Dallipay for all XRPL currencies. Thus you could make payment to all suppliers with one export file, on the XRPL.
- That export could also be used for standard bank payments too.
- RadyDynamics XRPL Checkout allows FA orgs to fully host their own invoice payment submissions to the XRPL via Xaman (Xumm). This would assist in maintaining control customizing invoice link payment processing.
- XRPL currencies include USD, EUR, GBP via Gateio who is reputable so low counterparty risk. I have in my mind how this could be implemented so the FA entity could issue invoices in those currencies with those currency payment links. Other currencies exist too such as AUDD.
- With existing and new features coming onto the XRPL, payment of customer invoices could be seem less, i.e. it wouldn't matter what currencies the customer has, it could be seem less payment into the invoice currency with automatic pathfinder and the AMM.
- Currency balances and transactions exports of XRPL via Dallipay could be imported and ease transaction processing.

In essence I think the technology is there, to run a multi currencies account on the XRPL and integrated with FA, avoiding Bank restrictions and costs.

The biggest downside is that both parties to the invoice transaction need to have an XRPL account. If both the entity and customer are willing to do this, financial transactions would be a breeze for both parties.

Cheers

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  • From: USA, Raleigh, North Carolina
  • Registered: 01/07/2021
  • Posts: 69

Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

I would be interested in funding some development of this module.  If we could get a dozen people to participate I'm sure we could fund it.  The module could then be offered to users for a fee which would allow us to recoup our investment.  Without a robust and "working" import transactions module, I see FA becoming less and less relevant.  Which would be a shame since the 'bones' of the app are excellent.

Gerizineink wrote:
lp wrote:

I recently saw a post on twitter (see below) regarding a developer that was setting ISO 20022 compliant payment processing system for XRP / XRPL.

I'm thinking this sort of payment arrangement is the way of the future and would allow convenient banking access to anyone using FrontAccounting.

In short, this guy has setup some software (on Github) that will process multi-payments (via the XRPL - possible in various currencies however transferred in XRP) via an exported csv file from an accounting system. Likewise, the software will allow for the download of transactions from an XRP account and export into a csv file for import/processing into the accounting system. This is to be done in the upcoming compliant format per ISO 20022. 

Just wanted to put it out there and see if anyone else has some thoughts on creating import/export csv's for FrontAccounting, that would allow convenient processing of payments and receipts via XRP/XRPL in a compliant upcoming banking format i.e. ISO 20022.

https://twitter.com/SchlaubiD/status/1536282159601926148?s=20&t=s3wKS9nSjm5-hg_UTILheg
https://youtu.be/-u307nu72SQ
https://t.co/OGZajUPYML
https://t.co/uq7XP8rraw

Cheers

Thanks for the interesting idea!
I have familiarized myself with the materials you provided. I personally prefer the usdt payment method - it is an interesting option for processing payments, but in this case I see the advantages of using XRP/XRPL.
Creating CSV files to import/export to FrontAccounting using XRP/XRPL is a promising idea that could:
Simplify payment and receipt processing.
Provide access to banking transactions for FrontAccounting users.
Comply with ISO 20022, which will become mandatory for bank transfers in Europe.
I will be glad to follow the development of the project and share my thoughts.

P.S. I also read the other materials you provided and found them very informative.

  • lp
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  • Registered: 04/12/2022
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Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

I agree it would be great to build a module for exporting supplier payments to payment generators.
It's a feature that would greatly enhance usability of FA.
I'd like to see these modules remain free in FA as I think there needs to be a free accounting software package that can be used by people that don't have the financial resources.

My desire is to have FA be able to invoice in stable coins so that anyone can use any currency, irrespective of what country they reside in. If everyone used FA and XRPL stable coins (USD, GBP, EUR, AUD etc) there would be no need for banks, 24 hour access to financial payments and cheap financial transactions.

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  • From: USA, CA, Valencia
  • Registered: 12/31/2017
  • Posts: 80

Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

OK just putting this out there
XRP, Ripple, & Brad Garlinghouse are a scam. They hold a premade share of the tokens (like securities) and sell to fund the scam that is, possibly even funding you.

Bitcoin is the only relevant true open digital asset with no company just code.

Also the FrontAccounting payment module already exists only lacking in polish. StrikeOut extension supports
Traditional Fiat payments ( through PayPal or Stripe)
Bitcoin exchange ie. (BTC payment but Fiat received) through Strike
Bitcoin (std and lightning) Through lnbits and btc payserver

Now if anyone would want to add a scam coin they are free to download plugins for btcpayserver to support scam coins. The only useful ones I can think of is  Stable coins (digital securities issued, fiat backed)  Like USDC or UST. But this should only be used where banking does not exist or is difficult. It is just trading a digital IOU for fiat in a bank that can be frozen or blocked at anytime or possibly the issuer might not meet reserves for redemtion just like a bank.

FrontAccounting Invoices in the clients currency of choice and if they chose to pay another way strikeout will present them with a qr invoice valued at that fiat amount in the digital asset.

  • lp
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Re: Incorporating Crypto Currency Payments Capacity into FrontAccounting

Yep, counterparty risk is a valid concern when using any stable coins on the XRPL.

I'm waiting for Flarenetworks to finish their building of the Flare Network protocol as they potentially have a solution to counterparty risk, with onchain data feeds, collateralisation of assets, fast and secured transfers, lower fees and a trustless protocol.

If you could add a BTC payment link option to FA invoices, that would be brilliant.

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