SETL.io promises to offer simple, unified, and immediate blockchain settlements and payments. Find out how it works today in our review.

What is SETL.io?

SETL is a London-based institutional payment and settlement infrastructure based on blockchain technology.

The company was launched in July 2015 with the goal of creating a multi-asset, multi-currency institutional payment and settlements infrastructure on the blockchain. Using SETL, market participants can move cash and assets directly between each other, leading to the immediate and final settlement of market transactions.

SETL’s system maintains a permissioned, distributed ledger of owners and transaction records, simplifying the process of matching, settlement, custody, registration, and transaction reporting.

Today, SETL is capable of processing approximately 1.4 billion transactions per day. That platform is available to clients in the form of SETL OpenCSD, which allows market participants to run permissioned registry services for payments, settlement, and clearing of cash and other financial instruments.

How Does SETL Work?

SETL is the blockchain, and SETL OpenCSD is the customer-facing solution. SETL’s blockchain is at the heart of OpenCSD.

That blockchain is capable of processing billions of transactions per day. The highly optimized engine processes these transactions across nodes in multiple locations. Capacity “is effectively unbounded” as SETL’s interoperating ledger architecture can distribute the load of transaction processing across co-operating distributed chains.

SETL also emphasizes interoperable ledgers, allowing the platform to sync with existing solutions. Assets recorded on one ledger can be transferred to another SETL subject to the permissions of the ledger operators. This means co-operative and private configurations can be maintained – like a sub-registry held by a custodian against a nominee holding a CSD.

SETL Features

SETL’s OpenCSD emphasizes all of the following features:

Identity:

SETL OpenCSD provides users with the tools they need to maintain a membership. This, in turn, allows for the interaction between owners and issuers, with identity and permissioning built in.

Payments and DVP:

Payments, liquidity, repos, and collateral functions are built in. OpenCSD supports banks and payment institutions among other entities at the heart of today’s financial infrastructure.

High Capacity:

SETL promises to provide a unified approach to ownership and payments by creating a platform capable of handling billions of transactions per day.

Secure Messaging:

SETL allows authenticated and encrypted messaging between participants, allowing for the transfer of essential information during the clearing and settlement process.

Fully Responsive:

SETL has a web-based interface that allows members and permissioned users to operate their wallets across shared and private blockchains. Comprehensive permissioning systems are available.

Feature Rich:

Users can add features and customize their SETL platform using the SETL API.

Real-Time View:

SETL’s web socket architecture with push notifications allows for real-time, uninterrupted views of positions, transactions, and cash balances.

Customizable:

Every aspect of SETL is designed to be customizable. Users can use the API to build their own apps that extend the functions of the SETL platform.

Use Cases for SETL

Our description of SETL has been fairly technical so far. Obviously, it helps to learn where SETL OpenCSD can be used. The platform can be customized and adapted to a range of financial industries:

Mutual Funds:

SETL can be used for mutual funds. The OpenCSD platform can standardize and streamline ownership, issue, and redemption records.

Private Equity:

One of the key duties of a bank is to maintain a register of investors for each company. OpenCSD provides a fully functional settlement destination allowing for changes in security ownership, helping to maintain a “golden record” of transactions and balances and a full history of the company from its inception.

Cross Border:

SETL facilitates cross-border, multi-currency settlement operations around the clock, opening the door to cross-border finance.

Commercial Invoices:

Organized settlement locations allow for a smoother, less risky commercial invoicing process.

Financial Services:

SETL OpenCSD can be adapted to work with all types of financial services. The platform is specifically designed to work within regulated financial environments. That means users enjoy compliance, resilience, standards, and security when running SETL OpenCSD. Compliance is achieved through a complete and cryptographically provable records of transactions and balances. Meanwhile, SETL’s standards include industry standards like Global Legal Entity Identifiers and ISO standard messaging.

Who’s Behind SETL?

SETL is led by CEO Peter Randall, founder and CEO of CHI-X Europe and first executive director of Fix Protocol Ltd. Randall has 35 years of financial market experience.

Other key members of the team include Nicholas Pennington (CTO), Anthony Culligan (Product CEO), and Francois Barthelemy (Director).

The company is organized under the name SETL Development Ltd., based in London, UK.

Conclusion

SETL.io is a blockchain that can be adapted to a number of different financial industries. The SETL OpenCSD platform is particularly well-suited to regulated financial markets, including organizations that process billions of transactions per day. Users enjoy benefits like easy onboarding, secure messaging, and cross-chain compatibility, as well as an API that can be used to customize the platform however you like.

To learn more about SETL and how it works, visit online today at SETL.io.

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