UK Finance announced that the Regulated Liability Network (RLN) has entered a new phase of experimental trials in the UK. The RLN aims to create a common ‘platform for innovation’ including tokenized deposits alongside conventional deposits using a shared ledger. All of the largest British banks are participating: Barclays, Citi, HSBC, Lloyds, NatWest, Nationwide, Santander, Standard Chartered, Virgin Money as well as card firms Mastercard and Visa.
The RLN selected R3 and Quant as technology partners with DXC leading the system integration work. UK Finance is the project coordinator with help from EY and Linklaters. The aim is to develop a prototype to assess the benefits of the shared platform. Trials will run until summer, with a report published later exploring customer benefits and technology and legal issues. Other companies such as fintechs were invited to engage.
“This project is being run to test hypotheses about the envisaged benefits of a UK RLN as a platform-for-innovation, and will be integral to futureproofing and progressing the UK’s financial infrastructure,” said Jana Mackintosh, Managing Director, Payment Innovation and Resilience at UK Finance.
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