RLN Pilot Programs and Proof of Concepts

Global CBDC Challenge (Singapore)

  • Sponsor: Monetary Authority of Singapore
  • Timeline: November 2021
  • Participants: Citibank, Payoneer, Linklaters Singapore, OCBC Bank, Wells Fargo, Bank of America, The Bank of New York Mellon, Paypal, Bondevalue, Goldman Sachs, Barclays Bank

In this pilot, a consortium of financial institutions demonstrated a working prototype based on SETL’s blockchain solution for the Global CBDC Challenge. 

The solution proposed by SETL scaled to meet the requirements of a practical RLN, successfully showcasing several use cases, including fungibility between retail CBDC and tokenized private sector liabilities, transfers settled in CBDC on the network, multi-asset capability, and interoperability with PayNow, Singapore’s interbank fund transfer service.

This pilot demonstrated RLN’s potential to drive interoperability and gathered industry support for the concept of retail CBDCs within the RLN framework.

See the Full Report

Regulated Liability Network (RLN) UK Pilot

  • Sponsor: National Security Strategic Investment Fund (NSSIF)
  • Timeline: October 2022
  • Participants: UK clearing banks, Bank of England

In this pilot, SETL provided the technology for testing RLN’s potential applications for market infrastructure, focusing on corporate payments. 

Two use cases were tested: Cross-Currency Cross-Border transactions and Derivatives Clearing Margin. SETL’s technology successfully handled a series of simulated transactions in both use cases, demonstrating the system’s capability to simplify processes and manage high throughput.

A second phase, based on lessons learned from the initial pilot, is currently under design and deliberation.

US Regulated Digital Asset Settlement Platform PoC

  • Timeline: Q1 2023
  • Participants: BNY Mellon, Citi, HSBC, Mastercard, The New York Innovation Center at the Federal Reserve Bank of New York (NYIC), PNC Bank, Swift, TD Bank, Truist, U.S. Bank and Wells Fargo. The technology was provided by Digital Asset and SETL, hosted by Amazon Web Services. Legal services were provided by Sullivan & Cromwell LLP, and Deloitte provided advisory services

In this 12-week proof of concept project, SETL and Digital Assets provided technology for testing the feasibility of an interoperable RLN. 

The PoC focused on the following: 

  • Domestic Interbank Payments: This use case simulated wholesale USD payments between commercial banks and was intended to prove the core functionality of the proposed payment system. Transactions were conducted in commercial bank deposit tokens and settled using a theoretical wholesale central bank digital currency (wCBDC), a tokenized record of a central bank deposit liability.
  • Cross-Border Payments in USD: This use case focused on USD wholesale payments outside of the U.S. and explored the potential of the concept to enhance the experience of global users of USD as an international trade and settlement currency. 

The PoC successfully simulated both scenarios, identifying shared ledger technology as a potential solution to support payment innovation.

LedgerSwarm sets the bar high, delivering speed at scale while being ledger-agnostic.

Successfully tested at 1 million transaction settlements per second, our solution offers an unprecedented combination of speed, reliability, and efficiency.

LedgerSwarm is ledger-agnostic, offering easy interoperability across DLT and traditional platforms, and guarantees privacy and immutable reconciliation between participants.

Connect with us!

Embark on the path to efficient, error-free, and cost-effective settlement with LedgerSwarm​

Start your journey exploring the opportunities that RLN and LedgerSwarm can bring to your organization today.

Sign Up for Demo
Sign Up for Demo