SETL, part of the Colendi Group, today announced the launch of a standing test network for
the RLN based upon its LedgerSwarm software. The network, called Tranquility after the site
of the first moon landing, will be available to for participants to test RLN applications on an
on-going basis. To join the network, participants will need to apply to SETL for a
permissioned connection.
Anthony Culligan, the CEO of SETL, commented, “The network will be open to banks and
financial institutions as well as technology providers who wish to understand and test RLN
applications. Core to the RLN concept is interoperability and we hope that this network will
be a catalyst for innovation and creativity in the regulated sector.”
In addition to launching the Tranquility test network, SETL has open-sourced its RLN Protocol
and put in place an industry standards framework for participants to propose technical
improvements to the RLN. The framework is based upon the EIP process used for Ethereum
which leads to the ERC standards.
“We have launched this framework with the understanding that RLN is very much an
industry driven initiative. RLN may well grow organically with interested jurisdictions or
even individual banks setting up their own RLN’s. By having a common and open protocol,
technology providers can be sure that their implementations will operate with others to
allow a truly global network of ledger interactions.”, explained Anthony Culligan.
The forum and the draft protocol are published at the web site https://rln-ip.org.
Jason Lau, head of business development at SETL stated “We are in discussions with a large
number of technology providers who would like to bring RLN technology onto their
platforms. The initiative will be open to all of them to make their contributions both on the
governance and technical sides. The first task will be to convene to approve the proposals
we launched with. There is a vast amount of talent out there and we are sure that this
initiative will be a catalyst for exciting and innovative change.”
Ian Hannam, Chairman of the Colendi group noted, “SETL’s LedgerSwarm product is groundbreaking and has the potential to transform payments and settlements for regulated banks
and institutions. The RLN will bring real-time settlement with automatic reconciliation to all
banks globally. The LedgerSwarm product does not require a bank to replace its existing
core banking software and will make nostro reconciliation a thing of the past – saving billions
across the industry. The Tranquility network will demonstrate the speed, security and
robustness of SETL’s RLN approach.