SETL Launches it LedgerSwarm RLN Test Network, Tranquility.
SETL, part of the Colendi Group, today announced the launch of a standing test network for the RLN based upon its LedgerSwarm software. The network, called Tranquility after the site of the first moon landing, will be available to for participants to test RLN applications on an on-going basis. To join the network, participants will need to apply to SETL for a permissioned connection.
Anthony Culligan, the CEO of SETL, commented, “The network will be open to banks and financial institutions as well as technology providers who wish to understand and test RLN applications. Core to the RLN concept is interoperability and we hope that this network will be a catalyst for innovation and creativity in the regulated sector.”
In addition to launching the Tranquility test network, SETL has open-sourced its RLN Protocol and put in place an industry standards framework for participants to propose technical improvements to the RLN. The framework is based upon the EIP process used for Ethereum which leads to the ERC standards.
“We have launched this framework with the understanding that RLN is very much an industry driven initiative. RLN may well grow organically with interested jurisdictions or even individual banks setting up their own RLN’s. By having a common and open protocol, technology providers can be sure that their implementations will operate with others to allow a truly global network of ledger interactions,” explained Anthony Culligan.
The forum and the draft protocol are published at the web site https://rln-ip.org.
Jason Lau, head of business development at SETL stated “We are in discussions with a large number of technology providers who would like to bring RLN technology onto their platforms. The initiative will be open to all of them to make their contributions both on the governance and technical sides. The first task will be to convene to approve the proposals we launched with. There is a vast amount of talent out there and we are sure that this initiative will be a catalyst for exciting and innovative change.”
Ian Hannam, Chairman of the Colendi group noted, “SETL’s LedgerSwarm product is groundbreaking and has the potential to transform payments and settlements for regulated banks and institutions. The RLN will bring real-time settlement with automatic reconciliation to all banks globally. The LedgerSwarm product does not require a bank to replace its existing core banking software and will make nostro reconciliation a thing of the past – saving billions across the industry. The Tranquility network will demonstrate the speed, security and robustness of SETL’s RLN approach.”