UK Finance, a prominent banking and finance trade association in the United Kingdom, has announced an experimental phase.
UK Finance, a prominent banking and finance trade association in the United Kingdom, has announced an experimental phase dedicated to exploring the potential of the UK Regulated Liability Network (RLN). Eleven member organizations have come together to participate in this initiative. The experimental phase will focus on three specific use cases to examine technical aspects, legal considerations, and customer benefits.
The first use case will revolve around implementing payment-upon-delivery for physical products, aiming to mitigate fraud in online transactions. Additionally, the experimentation will address the homebuying process with the goal of enhancing customer transparency and reducing conveyance fraud, a deceptive practice used to evade creditor claims. The final case study will explore the utilization of digital money for digital bond settlement.
The RLN was introduced in November 2022, with a focus on leveraging blockchain technology to enable interoperability between regulated forms of money by placing assets and liabilities on the same ledger. Peter Left, Head of Digital and Markets Innovation at Lloyds Banking Group, expressed optimism about RLN, stating that it has the potential to unlock new features for customers' money across various retail and wholesale use cases.
Prominent financial institutions such as Barclays, Citi, HSBC, Lloyds Banking Group, Mastercard, NatWest, Nationwide, Santander, Standard Chartered, Virgin Money, and Visa are actively participating in the experimentation process.
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