London, 24th July 2018,
The Bank of England has released results of the RTGS Renewal Programme Proof of Concept: Supporting DLT Settlement Models, in which Clearmatics participated.
In March 2018, the Bank announced that it was running a Proof of Concept (POC). The purpose was to understand how a renewed RTGS service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on Distributed Ledger Technology (DLT). The outcomes of that work are summarised in the document released by the Bank of England on 23rd July.
Clearmatics worked closely with the Bank and provided feedback on account structure and whether the renewed RTGS service can provide and consume acceptable forms of cryptographic proofs, both of which were accepted for consideration into the RTGS Renewal Programme. In order for the renewed RTGS system to interoperate with distributed systems, we believe this additional functionality within the renewed RTGS will be an important milestone to avoid the introduction of a single point of failure.
Clearmatics is a technology company building member-owned and governed distributed systems that automate the execution of contracts, processes and the transfer of economic value. Clearmatics has a special focus on the capital markets vertical and work with firms that have the ambition to reinvent the industry’s business models and drive adoption of a next-generation market infrastructure that is more efficient, transparent and resilient. The systems that we build for the financial markets are called Decentralised Clearing Networks (DCN’s).