SETL, a London-based blockchain fintech, has launched the platform PORTL in an effort to accelerate adoption of blockchain and distributed ledger technology (DLT) solutions.
PORTL provides a toolset for financial institutions to build applications that interoperate between existing infrastructures and a range of ledger technologies including Corda, Besu, Fabric, DAML and SETL’s own ledger.
The PORTL framework includes a business process model and notation workflow environment based on the Camunda engine, along with ISO15022 and ISO20022 integration with SWIFT. All of the components are deployable into a secure bank environment.
To ease integration with existing systems, SETL has adopted KAFKA, the open source platform as its main cornerstone for inter-process communication.
The adoption of DLT in financial services has been slow despite the potential, according to SETL.
Many of the reasons, it claims, “lead back to a lack of understanding of secure deployment procedures for banks, where the high levels of IT security that banks expect stands in contrast to the innovation-first approach taken by some blockchain frameworks”.
In addition, the company points to low speed, limited scalability and a lack of a strategy for integration with existing systems has led to unsuccessful proof-of-concepts (POCs).
Philippe Morel, SETL CEO says, “The potential of DLT solutions is still significantly underexploited. With our open-source and fully interoperable PORTL framework, we hope to contribute to a wider adoption of DLT-based solutions.”
Anthony Culligan, chief engineer adds, “We are proud to make PORTL widely available to the tech community. It covers critical components for wide adoption of DLT standards, such as a tokenisation engine, smart contract, workflow and settlement engines, running on our DLT.”
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