SETL Opens the Door to its Award-Winning Technology with SETL Labs
Philippe Morel, SETL CEO
Why launch SETL Labs?
At the core of SETL is a proprietary, permissioned-based blockchain. While there’s a lot of debate about the merits of public versus private blockchains, we believe that only private blockchains are fit for the regulated environments, where SETL operates. As a matter of fact – SETL is the only DLT to have delivered two live market infrastructures under regulators’ scrutiny and approval. It’s also the only DLT connected into a Central Bank Payment system.
But private does not mean closed to the world: Through SETL Labs, SETL has decided to open its unique technology to the technological and business communities. SETL Labs allows users to get access to SETL blockchain and to some of the solutions we developed for our financial partners, as well as the technical components underlying those solutions.
What can SETL Labs users expect?
Access to a world-class DLT
With the announcement of SETL Labs, we are excited that our core DLT and toolsets are now available to the technology community. Our blockchain is faster (above 30,000 tps on a single shard), and more secure than public blockchains. All our code has been developed in-house and independently security tested and reviewed. As a proprietary blockchain, we don’t run the risk of some anonymous attacker gaining 51% consensus power. We are more scalable (we can be deployed across 100M addresses in parallel) than any alternative DLT solution. Our technology is environmentally responsible – unlike public blockchains which are based on wasteful mining protocols, an instance of our blockchain will consume no more than the power needed to run a few light bulbs.
We continuously work on improving our blockchain in the realm of financial services. For instance, in 2019, we released new components which enable financial grade workflows to be implemented for ease of messaging and connection.
Access to our unique set of applications dedicated to financial services
Our secret sauce is not only our blockchain. For all its benefits, maintaining and enhancing our core blockchain ledger only occupies a few of our developers. It’s incredibly stable and best in it’s class, as it should be.
The bulk of our innovation is actually in developing applications and interfaces. As more and more services move to the cloud, our team solves for security, identity, usability and resilience. All of these challenges have a bearing on the ultimate benefit of a new system. Concretely, SETL Labs users will be able to access products in our three domains of expertise:
- Market Infrastructure, through our Open CSD.
- Asset Management, through our fund distribution platform.
- Payments, through our Delivery vs Payment platform on the wholesale side; and our micro-payments platform on the retail side.
SETL Labs users will also be able to access a number of unique underlying components we developed to empower our solutions. Those SETL Labs users who, after testing our environment wish to engage with us, will be able to do so at each of the three steps of our SETL Solution process:
- Problem analysis: our team of consultants based in London have deep competencies in our three domains of expertise: market infrastructure, asset management and payments. Financial Markets are hard to grasp for the neophyte. Our team has an average financial market experience of 20 years.
- Solution design: Because we make the link between Financial markets and 21st century Technology – our team knows how to redesign efficient and client friendly processes, which work on the first use. Both of our infrastructures took less than 18 months from conception to delivery. In the case of the ID2S project this included completing the highly complex CSDR approval for the Bank of France and the ECB. It also included building and testing the connection into the core T2S European settlement system, which had to be done with a firm deadline to meet the annual approval widow in October.
- Solution coding, testing and implementation: As CEO, I pay particular attention to the quality of our development as a unique differentiating feature – not only versus other DLT competitors, but more broadly compared to financial service software cos. Our developers code in a number of frameworks, but every detail of the process from design to coding, testing, and deployment is recorded and monitored. I put in place a series of KPIs to ensure that we can track and communicate to our clients the quality of our work. Overall, SETL is consistently the best in its class. One telling statistic is that SETL’s errors per 1,000 lines of code is less than 2.5 (0.25%) – when the industry standard if often above 15 (1.5%).
At SETL, we implement solutions that work on the first use, in a record time. Our conception to implementation process is a matter of months, not years -which is quite unique in the financial industry. With so many failures recorded in the DLT space, we feel it’s now time to lift the veil on our unique technology and competencies to bring concrete proof that DLT works and can live up to its promises of revolutionising the financial industry.
Welcome to SETL Labs!