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.

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.