SETL open sources its code with new PORTL solution

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Anthony Culligan, chief engineer at SETL.

SETL, the blockchain company, is open sourcing its core framework, PORTL, which it intends to speed up adoption of blockchain and distributed ledger technology (DLT) solutions.

PORTL is intended to provides a permissioned toolset for financial institutions to build applications that can interoperate between existing infrastructures and a range of enterprise ledger technologies including Corda, Besu, Fabric, DAML and SETL’s own ledger.

SETL has been selected as the technology partner by Marketnode, an SGX and Temasek digital asset venture, to build the settlement engine for its new fixed income and multi-asset end-to-end infrastructure.

The settlement system will be built using SETL’s PORTL platform which provides an interoperability layer sitting on top of any of a number of enterprise DLT technologies.

Anthony Culligan, chief engineer at SETL commented on the choice of SETL’s PORTL framework, “This is an ideal application of PORTL. It was designed to be deployable as market infrastructure and to be easily adopted by financial institutions. We are confident that time to market will be quick because of the technology choices available under the framework.”

Marketnode solutions are used in large-scale environments such as Citi.

Commenting on the PORTL launch, Philippe Morel, SETL CEO said, “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.”

In announcing PORTL, SETL is seeking to give institutions the tools they need to take DLT and blockchain into production. The PORTL framework includes a normalising layer for a range of enterprise ledgers, a BPMN2 workflow environment based on the opensource Camunda engine and ISO15022/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, high volume event engine as its main backbone for inter-process communication.

Culligan added, “Our use of high capacity and battle-hardened components such as Kafka and Camunda is in line with the technology journey financial institutions are taking. PORTL bridges the gap between ledger innovation and business integration allowing the true benefits of DLT to make the jump from POC to live operation.”

Rehan Ahmed, chief product officer at Marketnode.

Rehan Ahmed, chief product officer at Marketnode, said, “We are proud to partner with SETL and share the same vision of a DLT enabled financial ecosystem alongside the paradigm shifts these innovations can enable. Marketnode is looking forward to leveraging SETL’s open-source technology to build out our next-generation end-to-end financial market infrastructure”.

Commenting on SETL’s PORTL solution, Joerg Guenther, global head of technology for Citi Securities Services, said, “We have been working with SETL for several years and are in the process of deploying their solutions within our Securities Services business. We believe that DLT could be transformational for our industry and SETL’s strategy to open source its technology and ensure interoperability is a positive step to enabling scalability of DLT use cases.”

©Markets Media Europe, 2021
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