R3, an enterprise distributed ledger technology and services
firm, along with Quant, have been designated to develop the technology prototype
for the experimental phase of the UK’s Regulated Liability Network (UK RLN).
This initiative, spearheaded by UK Finance and supported by EY, aims to
establish a common platform for innovation across various forms of currency,
including traditional bank deposits and tokenized assets.
Participants Join UK RLN for Financial Transformation
The UK RLN is a collaborative effort involving multiple
stakeholders within the financial services industry, seeking to explore avenues
for users to conduct payments, transactions, and settle liabilities in the
digital market landscape. Noteworthy participants in the UK RLN
include institutions such as Barclays, Citi, HSBC, and others,
supported by advisory and technology partners like EY, Linklaters, R3, Quant,
DXC Technology, and Coadjute.
R3 brings its expertise in delivering sophisticated projects
for regulated markets, offering critical shared ledger capabilities through its
Corda platform and Digital Currency solution. Quant’s role involves
facilitating programmability and interoperability across different monetary
forms, leveraging its Overledger platform to provide orchestration and API
integration.
We’re proud to announce that – together with @inside_r3 – we have been selected to produce the technology prototype for the experimentation phase of the UK’s #RegulatedLiabilityNetwork, led by @UKFtweets and supported by @EYnews.#IFGS2024https://t.co/yfGvaRPVkt
— Quant (@quant_network) April 15, 2024
Global Banks to Test Diverse Payment Use Case
The project will leverage the insights and experience of
major global banks and institutions to test various retail and wholesale
payment use cases, encompassing areas such as delivery vs payment, e-commerce,
bond issuance, and card gateway integration. Additionally, the project will
incorporate Coadjute’s Home Purchasing Business Application, a property market
infrastructure and settlement model built on R3’s Corda platform.
“We live in a digital age, in which people and
companies expect digital finance to operate globally at speed, with better
security and at scale – but our legacy payments and financial infrastructure
has not kept up. As the UK seeks a leadership position in financial markets,
projects like the RLN highlight the central role that shared ledgers will play
in this transition and offer a model we can extend to other markets,” said
Gilbert Verdian, the CEO and Founder at Quant.
This article was written by Tareq Sikder at www.financemagnates.com.
