1 (edited by lp 08/27/2023 06:55:04 am)

Topic: Introducing XUMM / XRP / XRPL Payment Link for FA Sales Invoice


Happy to announce a little milestone in the evolution of Front Accounting - the integration of blockchain technology to facilitate secure and efficient payment processing of sales invoices.

This update leverages the native digital asset 'XRP', as the primary cryptocurrency for payment processing. XRP digital asset is the native digital asset (cryptocurrency) of the XRP Ledger (XRPL), being a robust and scalable blockchain built for payments processing. It is hoped that other currencies (USD, GBP, EUR etc) on the XRPL will be incorporated in the not-too-distant future.

Payment Processing - Insight

Upon receipt of an invoice, customers will now have the ability of clicking the payment link at the bottom of the invoice to initiate payment through the customer's XUMM app. Using the power of the XRPL and XUMM app, the customer can securely make payment of the invoice, with XRP, in a matter of minutes of receiving the invoice, at any time, from anywhere in the world, without any bank intermediary.

Prerequisites for Utilization

XUMM Wallet App

  • The customer is required to have a XUMM app (free) installed on their phone from either the Apple or Google store. They will need to have an account on the XRPL with sufficient XRP to make payment of the invoice. XUMM App can create an account on the XRPL and XRP will need to be transferred into the account before that account becomes active.

  • The FA entity issuing the invoice also needs to have the XUMM app and an XRPL account setup on the XRP ledger.

Front Accounting - Setup

  • A new bank account will need to be setup. The 'Bank Name' must be 'XUMM XRP' as the payment link looks for this in the Bank Name field in order to extract the XRPL account number.

  • The entity's XRPL account number must be input into the XRPL Account's 'Bank Account Number' field. XRPL Accounts numbers typically look like rhotcWYdfn6qxhVMbPKGDF3XCKqwXar5J4. For example, the previous wallet address is the hot wallet address of crypto exchange Gatehub. You can copy and paste your XRPL account number from XUMM app into the 'Bank Account Number' field.

  • A 'XRP' currency must be setup so that XRP/Home Currency exchange rates can be input for link generation on printing of invoices.

  • Prior to any invoice printing with the payment link, the XRP / Home Currency exchange rate must be input as at the day of invoice printing. If there is no exchange rate input, attempting to print invoices with the XUMM XRP payment link will fail.

Front Accounting - Invoice Printing

  • Invoices are generated as per your normal processes within FA

  • To print invoices with the XUMM payment link, go to 'Customer and Sales Reports' of the 'Sales module'. Select "Print Invoices', select your Home Currency. In the dropdown box of the Payment Link, select "XUMM XRP'.

  • In the 'Comments:' box insert any commentary you would like to appear under the XUMM payment link. Such commentary may be 'Insert invoice number into the 'Memo' field of the XUMM payment'

  • Press the 'Print Invoices' button and your invoices will be printed and/or emailed with the XUMM payment link on the bottom.

Final thoughts and considerations

  • If you would like to see what the payment link looks like, I have attached a test company invoice with the link, to this announcement.

  • Although this payment link enables the capacity for payment of invoices by anyone, anytime from anywhere in the world in less than a minute, there is still one final step needed if you want cash transferred into your home currency bank account. You will need to use a local cryptocurrency exchange to exchange XRP into fiat and then transfer into your bank account. There are several on/off-ramp providers within Xumm to allow easy conversion of XRP in and out of your bank account.

  • Invoices are generated with the exchange rate at date of printing. Should your customer decide to make payment some time after receipt and the exchange rate has changed, you will receive more or less than your home currency amount on the invoice, depending on the movement of exchange rate. Exchange rates are fixed on the invoice and don't automatically adjust for the when the customer makes payment.

  • The XRPL has capacity for making payments in fiat backed XRPL digital assets such as USD, GBP, EUR and others. Future developments of FA will hopefully bring payment links options with these digital assets in mind and overcome the above exchange rate risk.

Post's attachments

Example Invoice with XUMM payment link.pdf 3.2 kb, 15 downloads since 2023-08-02 

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Re: Introducing XUMM / XRP / XRPL Payment Link for FA Sales Invoice

Thanks for these instructions.
This is going to be implemented in the next minor release. But if you want to try this already now you can download the file /includes/ui/ui_view.inc here and replace on your server.


Re: Introducing XUMM / XRP / XRPL Payment Link for FA Sales Invoice

I like kvvaradha's suggestion to use the Bank Name instead of the Bank Account Name as the search parameter for the XRPL bank account number.

This will allow users to not be restricted with the setup of the bank account name in the FA.

Re: Introducing XUMM / XRP / XRPL Payment Link for FA Sales Invoice

Sure, I will fix that.
Should we use the same name, or only XUMM?


Re: Introducing XUMM / XRP / XRPL Payment Link for FA Sales Invoice

I think the bank name should be set as 'XUMM XRP'

That way when new functionality comes in with say USD, it could be appropriate to use 'XUMM USD' as another payment option.

Re: Introducing XUMM / XRP / XRPL Payment Link for FA Sales Invoice

Your suggestion has now been implemented and committed to stable repo.

We use the bank_name field for the 'XUMM XRP' name. It is importand that this field contains XUMM as the first name and XRP (currency) name as the last 3 characters.
The name in the Payment Link has changed to XUMM XRP.
This is now prepared for future extension, f.i. XUMM USD.
Internally we do not use the Bank Account currency name. The XRP can cause abnormal exchange traffic.
Instead we rely of the last 3 characters in the name.

will you, @lp, edit the Instructions accordingly.
The changed file, /include/ui/ui_view.inc, can be downloade here and replaced..


Re: Introducing XUMM / XRP / XRPL Payment Link for FA Sales Invoice

Thanks Joe. Announcement has been updated. And good move/change for preparing for future extensions.