Last week the Regulated Liability Network (RLN) shared the results of a DLT proof of concept for payments with the Federal Reserve Bank of New York and ten institutions including BNY Mellon, Citi, HSBC, Mastercard and Swift. SETL was one of the main technology providers to the project alongside Digital Asset and is spinning out the SETL RLN Protocol software as a standalone project and company, LedgerSwarm, which will be separately funded.
The recent RLN trial targeted two use cases for domestic and cross border payments. It’s the latter that shone through enabling 24/7 real time settlement with the additional benefit of programmability.
Global banks will likely start by using the LedgerSwarm solution for intraday payments between their subsidiaries around the world. This empowers them to offer cross border real time payments to their multinational corporate clients.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
