PRESS RELEASE, London, 15 November 2016

SETL, Deloitte and Metro Bank put Sterling onto the Blockchain for Consumer Payments.

London 15 November 2016: SETL, Deloitte and Metro Bank completed a series of firsts this week in London. SETL provided a contactless smartcard enabled blockchain allowing digitised payments, Deloitte exercised its blockchain ID system known as Smart Identity and Metro Bank hosted a connected client account. In an initial test, over 100 users were issued with contactless smartcards and used them to make purchases from merchants equipped with contactless terminals. Consumers and merchant balances were updated live-time with all balances held at Metro Bank.

The successful implementation of a blockchain smartcard retail payment system offers the possibility of significantly reducing current high costs for processing retail transactions. In addition it opens the door to competition in merchant servicing to challenger banks, which are all but excluded from this activity by the incumbent clearing banks. The service which is provided by SETL Payments Ltd, subject to appropriate regulatory approval, could launch as early as 2017.

In on-boarding participants, Deloitte demonstrated its Smart Identity blockchain solution communicating with SETL’s payment blockchain. Customers taking part created their identity records on the Deloitte blockchain and had their key details certified by Deloitte. These certified details were then asserted to the SETL Blockchain to set up user credentials. This is believed to be the first commercial inter-blockchain application demonstrating how portable, cryptographically secured identity might be applied in a real-world consumer environment.

SETL’s capacity to process billions of transactions a day with burst speeds in the tens of thousands per second means that it could easily keep up with the volumes processed by the large card networks who process around 2000 to 3000 transactions per second on average with burst rates of around 14,000 transactions per second. Instant settlement for the retailer and the possibility of charges being only a fraction of the credit and debit card schemes could prove to be powerful incentives for its adoption.

Furthermore, the use of point to point encryption significantly reduces the possibility of the kind of wholesale data leakage that has impacted the legacy consumer payment infrastructure over the last decades.

David Myers, Partner at Deloitte added: “To use the Deloitte Identity solution in this way is particularly relevant as it underlines the importance, in the new distributed ledger world of identity management. We are pleased that SETL together with Metro Bank have been able to demonstrate both speed, capacity and identity in the challenging retail payments arena.”

Craig Donaldson, CEO at Metro Bank commented: “We’re always looking for new ways to improve our customers’ banking experience, and payments is an often overlooked but critical part of a customer’s journey. Retail payments have for too long been dominated by a few players to the detriment of customers. Given all the potential that blockchain has to offer, we hope that the success of today’s test will play a key role in moving us a step closer to providing a more efficient and flexible service for customers.”

Peter Randall, CEO of SETL noted: “We are extremely pleased to be working with Deloitte and Metro Bank on this ground-breaking project. The team are leaders in the field of transaction implementation and retail banking service and our common focus on high speed, capacity and resiliency makes us natural partners. This is not a proof-of-concept or a prototype; it will be a revenue generating implementation of distributed ledger technology.”





PRESS RELEASE, London, 10 November 2016

SETL appoints Martin Clements, cyber security expert, to its board

London 10 November 2016: SETL, the London based financial blockchain specialist, has appointed national security expert Martin Clements CMG OBE to its board.

SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system will enable market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions.

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PRESS RELEASE, London, 26 October 2016

SETL partners with Cobalt DL for FX Post Trade Solution

London, 26 October 2016: SETL, the London based financial blockchain specialist, and Cobalt DL, a private peer-to-peer network that reduces post-trade cost and risk for financial market participants through distributed ledger technology, today announced a partnership to deploy the SETL OpenCSD within the Cobalt FX post trade platform. The service is set to launch in 2017, with 15 leading institutional FX participants already committed to the service.

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PRESS RELEASE, London, 15 July 2016

SETL Completes Initial Funding and Announces Board Appointments

London, 15 July 2016: SETL, the London based institutional payment and settlement infrastructure based on blockchain technology, announced the completion of its first round of private fundraising today.

SETL also announced additional appointments to its board. Rachel Lomax, former Deputy Governor of the Bank of England and Ed Richards, former CEO of Ofcom, join the SETL board, following the appointment of Sir David Walker as SETL Chairman in December 2015. The company will also shortly announce the name of a further appointment to the Board, who is an experienced executive board member and non-executive in government, including at agencies in the national security sector.

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PRESS RELEASE, London, 1 June 2016

SETL Launches Blockchain-Powered OpenCSD Platform

SETL OpenCSD enables market participants to run permissioned registry service for payments, settlement and clearing of cash and other financial instruments

London, 1 June 2016: SETL, the institutional payment and settlement infrastructure based on blockchain technology, has today announced the launch of its blockchain-powered OpenCSD platform. The OpenCSD platform, SETL’s first commercial offering, enables any market participant to commission and run a permissioned registry service for payments, settlement and clearing of cash and other financial instruments. The platform is available today and powered by the SETL blockchain technology, which has been benchmarked to settle billions of transactions a day in real-time.

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PRESS RELEASE, Melbourne, 28 April 2016

Computershare and SETL demonstrate Australia’s first working blockchain solution

Computershare (CPU: ASX) and SETL have today demonstrated Australia’s first working blockchain capital markets solution at Computershare’s annual Investor and Analyst day. The two companies are also pleased to announce a joint initiative to establish securities ownership registers using blockchain technology.

Computershare is the globe’s leading provider of share registrar and receiving agent services to issuers and plays a crucial role in maintaining accurate and complete records of securities including both dematerialized and certificated ownership. SETL is a firm dedicated to bringing blockchain technology to the post-trade environment and has developed its offering to provide financial-grade solutions – including identity, permissioning, smart-contracts and scalability.

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PRESS RELEASE, London, 15 December 2015

Sir David Walker joins SETL as Chairman

SETL also appoints Professor Philip Bond as head of Cryptography and Cyber Security, and Caroline Silver, Moelis & Company, to manage fundraising

SETL, the UK based institutional payment and settlement infrastructure based on blockchain technology, has today announced the appointment of Sir David Walker as Chairman.

Sir David Walker is a former Executive Director of the Bank of England and has served as the chairman of Barclays, Morgan Stanley International, the Securities and Investment Board and as deputy chairman of Lloyds TSB. Before his career in financial markets, Sir David served as an Assistant Secretary to the Treasury, for the UK Government. Sir David Walker is a senior member of the influential G30 group which considers and promotes advancements in international payments and settlements.

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PRESS RELEASE, London, 12 October 2015

SETL breaks through 1 billion transactions per day on blockchain

SETL, the institutional payment and settlement infrastructure based on blockchain technology, has today announced that it has established a test network which has broken the 1 billion transactions-per-day capacity barrier for blockchain movements.

SETL also gave more detail of its technology strategy, revealing it had developed novel techniques, to allow it to process transactions in a parallel and effectively remove practical constraints on volume. Anthony Culligan, the SETL CEO, stated, "We are determined to stay on the front foot in technology development and will continue to incorporate the best techniques in our developments. We have a laser focus on financial services ". Culligan further added, "We are not running on a third party platform or powered by an off-the-shelf technology. We develop at the source code level to give us absolute control over how we can deliver our service. Less than 0.5% of our current codebase is licenced technology. This announcement demonstrates the benefits of the approach."

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PRESS RELEASE, London, 27 July 2015

Introducing ‘permissioned’ blockchain technology to the post-trade environment, designed with financial market operators in mind.

SETL today announced its plans to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system will enable market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.

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SETL Development Limited, Company Number 09704844, Octagon Point, 5 Cheapside, London, EC2V 6AA, "SETL" is a registered trade mark of SETL Development No. 015010788. Copyright 2015,2016