Banking giants take part in UK Finance’s Regulated Liability Network experimentation [Video]

United Kingdom trade organization, UK Finance, has announced that 11 of its members are participating in an experiment focusing on the U.K. Regulated Liability Network (RLN), a platform designed to foster innovation in financial transactions.

UK Finance announced the beginning of an experimental phase focusing on the U.K. Regulated Liability Network (RLN), a common “platform for innovation” across multiple forms of money, including existing commercial bank deposits and a shared ledger for tokenized commercial bank deposits.

“Through a collaboration of several stakeholders within the financial services industry, the UK RLN explores the options for users to make payments, transact, and settle liabilities in the increasingly digital marketplaces of the future,” UK Finance said.

The experimentation phase will focus on three primary aspects: payment-upon-delivery for a physical product, aimed at reducing fraud in online marketplaces; the process of buying a home, improving customer transparency, and mitigating conveyancing fraud; and a digital bond settlement, to connect digital customer money …