The UK RLN is intended to serve as a shared "platform for innovation" for various payment methods, such as shared ledgers for tokenized commercial bank deposits and current commercial bank deposits.

The most recent iteration of the project has participation from Barclays, Citi, HSBC, Lloyds, Mastercard, NatWest, Nationwide, Santander, Standard Chartered, Virgin Money, and Visa. It will concentrate on multiple use cases:

applications:

1. A tangible product's payment upon delivery, intended to lower fraud in online markets.
2. The home-buying procedure, enhancing client openness, and reducing conveyancing fraud.
3. A digital bond settlement that links digital assets to digital client funds.

The project, which is supported by R3, Quant, DXC, Coadjute, and EY's tech team, will investigate the legal framework, customer and commercial benefits, and technical viability until the end of the summer.

"The RLN initiative is bringing the industry together to work towards a shared goal - harnessing the benefits of tokenized finance in a manner that is regulated, orderly, and interoperable," says Kate Karimson, chief commercial officer of R3.