I have been getting my self familiar with topic of how ILP compares to other payment protocols, like for example ISO 20022. And so far i have learned that it takes very long time to get new payment protocol adopted, especially among the traditional financial institutions. It also seems that rather than adopting the new protocol fully, companies still use legacy protocols internally and only convert for new protocol format when sending data out.
So, this let me thinking, about how this would effect on ILP adoption? And would companies rather use data format converter, than fully adopt the ILP?
I see that there is two kind of interoperability (1) Interoperability between different ILP implementations and (2) interoperability between new and legacy payment protocols.
Interledger and many implementations
So, first compatibility issue, that already exists, is be between different ILP implementations as, if i have understood correctly, are partly because RFC’s don’t always take a firm stand about the implementation, for example about which header is used to carry which data. And this lead to compatibility issues between different ILP-node implementations, interledger.js, interledger.ru, Hyperledger Quilt and etc.
Interledger and other payment protocols
Second problem is compatibility of Interledger Protocol and other payment protocols like, ISO 20022 payment protocol, which seems to be the interoperability standard adopted by traditional financial institution.
Many times companies adopting ISO 20022 are still using other data formats internally, and are using converters or middleware mappers to convert data into format for internal and external use, one reason for this is cost of migration to new standard.
ILP middleware mapper
I’m trying to figure out, if ILP would benefit from some kind of middleware mapper, which for example converts ILP message format into ISO 20022 format.