R3 is an enterprise-grade distributed ledger technology and service company, designated along with Quant to develop the technical prototype for the Experimental Phase of the UK Regulatory Ledger Network (UK RLN). This initiative, led by the UK finance sector with support from EY, aims to establish a universal platform to foster innovation in various forms of currency, including traditional bank deposits and tokenized assets.

Financial Transformation with UK RLN

The UK Regulatory Ledger Network is a collaborative effort among various stakeholders in the financial services industry aimed at exploring avenues for users to conduct payments, transactions, and settlement responsibilities within the digital marketplace landscape. Notable participants in the UK Regulatory Ledger Network include institutions such as Barclays Bank, Citibank, HSBC, supported by consulting and technology partners like EY, Linklaters, R3, Quant, DXC Technology, and Coadjute.

R3 brings its expertise in delivering complex projects in regulated markets to provide critical shared ledger functionality in its Corda platform and digital currency solutions. Quant's role involves facilitating programmability and interoperability of different forms of currency, leveraging its Overledger platform to provide orchestration and API integration.

Testing Diverse Payments with Global Banks

The project will leverage insights and experiences from major global banks and institutions to test various retail and wholesale payment use cases, covering areas such as delivery and payment, e-commerce, bond issuance, and card network integration. Additionally, the project will integrate Coadjute's home buying business application, which serves as a real estate market infrastructure and settlement model built on the R3 Corda platform.

"We live in a digital age where people and companies expect digital finance to operate globally at faster speeds, with better security, and at larger scales, yet our traditional payment and financial infrastructure have not kept pace. As the UK seeks to assert leadership in financial markets, projects like RLN underscore the core role that shared ledgers will play in this transition and provide a model for us to extend it to other markets," said Gilbert Verdian, CEO and Founder of Quant.