Temenos x SETL release tokenized deposits and smart contracts for Temenos users.
London, Oct. 28, 2024 – SETL Limited, a leading provider of RLN Solutions, today announced the launch of LedgerSwarm onto Temenos Exchange, the partner ecosystem of integrated fintech solutions.
LedgerSwarm leverages the Regulated Liability Network concept, orchestrating atomic ledger transactions, creating real-time, coordinated settlement processes for cash, assets, and securities. Following the Temenos successful POC with SETL’s LedgerSwarm, in March 2024, integrated with SETL’s Tranquility testnet, SETL’s LedgerSwarm product is now available for implementation by Temenos clients. LedgerSwarm will enable Temenos users to offer digital currency banking capabilities with real-time settlement and smart contracts.
Temenos Exchange brings innovation to market faster, and at scale. The ecosystem offers pre-integrated and approved fintech solutions that can be easily deployed on top of Temenos open platform for composable banking, enabling banks to accelerate the creation of new financial services, while reducing the costs of development.
Martin Bailey, Director of Innovation and Ecosystems, Temenos, said: “Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetize new banking solutions. The integration with Temenos and joining Temenos Exchange means LedgerSwarm can write once and be readily available to the thousands of banks globally that run on our platform.”
Anthony Culligan, CEO of SETL, said: “For tokenized deposits and CBDC to become a reality, banks need a core banking platform that is tooled for purpose. Temenos is a leader in its field and SETL is proud to assist Temenos in showcasing the flexibility of its product and in demonstrating some of its leading edge features…SETL’s availability on Temenos Exchange further extends our commitment to the banking community and enables Temenos customers to easily reap the benefits of LedgerSwarm. We look forward to leveraging the power of the Temenos platform to help us achieve our business goals.”
LedgerSwarm works with your existing core banking and custody systems giving you the power of tokenization without having to reengineer your core ledgers with a DLT orchestration layer to ensure that all parties to a settlement digitally sign that settlement proposal before it is finalized. LedgerSwarm creates a settlement path between the payer and the beneficiary and manages the execution of the settlement from beginning to end, maintaining an immutable global transaction order to ensure that Nostro balances never get out of line. Ledgers are Local. Settlement is Global.