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SETL Spins Out RLN Offering to LedgerSwarm

July 6, 2023 – Enterprise distributed ledger technology (DLT) firm SETL, part of the Colendi Group, announced that it has launched its Regulated Liability Network software under the brand LedgerSwarm.  The first version, aptly named ‘Kitty Hawk’, is available for testing at the website from today.

The Regulated Liability Network (RLN) is an interoperable network of liabilities and tokens which is being tested by a number of the world’s largest regulated financial institutions.  The network will allow for banks to create their own 24/7 real-time settlement instruments which will be fully transferrable between members of the network regardless of the ledger technology they are using.  The network will provide an eco system within which regulated entities can use CBDC seamlessly with their own tokenised assets.

Today, the NY Federal Reserve confirmed in its report ( ) that it had successfully tested the issuance and transfer of tokenised USD on the Regulated Liability Network with some of the largest US Based institutions including Citi, Bank of America, US Bank, HSBC, Bank of New York, TD Bank, Truist, Mastercard and SWIFT.  SETL provided technology for that trial.

LedgerSwarm is the result of the work that SETL has done in a number of RLN trials with the largest banks in Singapore, the UK and with the NY Federal Reserve group in the US.  The software, released today at, includes a new smart contract framework which is designed to adapt to a range of traditional core banking systems and DLT ledgers.  

The LedgerSwarm software uses the RLN protocol to orchestrate updates in different ledgers to achieve settlement between regulated entities.  In particular it is intended to work with existing core banking and custody ledgers, as well as new DLT systems, to effect real-time settlement of securities and payments.  Transactions settled on the RLN benefit from a shared immutable record of finality that provides a unique cryptographic fingerprint for nostro reconciliations between banking ledgers.  The LedgerSwarm software will be available for both internal settlement and interbank settlement.

Anthony Culligan, CEO, SETL, commented “We are proud to have been able to work with the RLN community to deliver a number of successful tests and proof of concepts. We hope that this platform will provide a springboard for further innovation for the RLN and allow a broader participation in its growth and adoption.  The RLN is a means for tokenization to work on an ‘open-loop’ basis.  LedgerSwarm is about connecting regulated institutions in a network of value.  The basis of this offering is openness and partnership”

Ian Hannam, Chairman of the Colendi Group, said “The RLN is an important initiative for the financial community.  It will allow real time settlement of payments and securities in a way that is just not possible in today’s environment.  It connects bank ledgers of all types to each other, updating them simultaneously and enabling exact determination of when a transaction occurred, within the regulated network or outside. Real time settlement will enable efficient use of capital for customers and Banks. Our first version of LedgerSwarm is named Kitty Hawk because this is where we expect the RLN to take flight in the USA.  While ledgers are local, regulators are national, and settlement is global.For more information, please contact Amanda Porter at

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