VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

BEED

In market

HOT WINDOWPayroll rails

Beech Desk

Pilots named (redacted). Waitlist not. 9,234 names. Your move.

You can open twelve thinner companies. Or this one, once, while the window is still a number.

Beech Desk — A routing layer in front of payment firms that already hold licences. One API picks the rail (SEPA, cards, local schemes) and can present a wallet-like checkout. The wallet is the interface. It is not a coin.

Live campaign. 9,234 on the product waitlist — that is demand, not an allocation.

Heat 87 of 99. Hot windows do not stay hot. They close.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Payroll adapters

Counsel hours

Mexico City · counsel-named

Sentences killed

Before listing

Claims live

12/14

Growth

Our cut

Of any proceeds

Plate Horizon · 4120

BEED

The plate

Horizon. Edition 4120.

A unique plate for Beech Desk. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

BEED · Mexico City · Payroll rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Mexico City

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Mexico City

Years

Founded 2024

Surfaces

Payroll adapters

Complete

File readiness

The wedge

Scheme-map licence

Beech Desk is betting that Mexico City PSPs will buy routing as software rather than issue a coin.

Why the desk took it

A real job, not a ticker.

US was taken off the file in the first hour. That is adult.

Traction

5 named pilots (redacted).

Founded 2024, headquartered in Mexico City. 5 named pilots on file (identities redacted in public). 9,234 on the waitlist, gated — product demand, not a book built. 10 nodes or connected surfaces reported. Desk diligence score 90/100. A national registry counterpart, not a scrape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Two paying PSPs or the file should not go to Build.

A L2 payments coin is the thing this file has already refused. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

In Mexico City, the person who signs the monthly pack already has a vendor. Beech Desk is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

The bet is narrow. A named Mexico City buyer already has budget for this invoice. Beech Desk wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Beech Desk. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From counsel

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From the founder

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

The next Payroll rails company on this board will not have this waitlist, this HQ, or this counsel posture.

The comment period is not a path. This company is priced as if that is already true.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 6
Counsel hours on file: 65
Asks / week: 1,154
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Anja Adeyemi, Chief executive

This company

Beech Desk

The protocol pitch is the thing this company has already refused.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

Beech Desk is betting that Mexico City PSPs will buy routing as software rather than issue a coin.

MiCA is forcing PSPs to choose a perimeter. Houses that will not become CASPs still need programmable checkout. The ones that pick software over a coin will buy this. The ones that want a token will be declined here.

PSP orchestration in Europe is a multi-billion software market. Buyers already pay for routing. A token would not make the invoice larger; it would make the licence harder.

Versus the field

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

The live path is Mexico City · counsel-named. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Payer or merchant hits a single checkout API
02The router selects a licensed rail the PSP already runs
03Account-abstraction is an optional UX layer (currently testnet)
04Settlement lands in the PSP’s existing accounts — no new token
05Exceptions (chargebacks, scheme rejects) post back into the PSP’s existing case system
06Kill of a public sentence is an hour, not a committee.

In the same conversation as

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Claims & campaign ops
37%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
26%
The remaining certifications and the second named market.
Named operators
14%
Dual-control drills, key ceremonies, and the person who owns them.
Second market
23%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Scheme-map licence
Who pays: A national registry counterpart, not a scrape.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: A design-partner PSP that will not talk to a second vendor this year.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: A L2 payments coin is the thing this file has already refused.
Why we listed it: US was taken off the file in the first hour. That is adult.

Next twelve months

What has to be true.

Two paying PSPs or the file should not go to Build.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Payroll adapters
No token contract listed as a public sale
Named founder; customer still a conversation
Mexico City is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product64
Customers96
Legal path84
Tech maturity76
Demand86
Market access44

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of 9,234.

Token temptation

If the wallet layer is ever described as a means of payment, the product becomes an e-money or CASP problem. This file treats that as a hard stop.

Perimeter

A supervisor can still read account-abstraction as issuing. Until counsel names the path, treat the AA layer as a lab.

Customer concentration

A handful of PSP design partners can stall the company if they slip. Ask who is paying, not who is ‘interested’.

United States

The US is out of scope on this file. That is deliberate. It also caps the TAM.

Scheme freeze

A card scheme can kill the router without talking to Beech Desk. Concentration in one scheme is existential.

Facts vs theatre

A proof of a fake book is still a fake book. Beech Desk has to attach to the real one, in Mexico City.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Which geography is actually locked, and which is a hope?
03Who is the first named paying customer — not a letter of intent?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05If RCA Pad disappeared tomorrow, could the customer still run the job?
06What does renewal look like if no round ever happens?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Beech Desk Ltd
Path on file: Mexico City · counsel-named
Posture: No public sale
Pack: Growth

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Mexico Citynamed
United States retailrestricted

Team

Who runs it.

Anja AdeyemiChief executive

Stack

Payroll adapters
Payroll rails
Takedown SLA
Disclosure templates

Named with them

Clearline

Who can decide

Anja Adeyemi came in named. The team is not a handle. Beech Desk Ltd exists, founded 2024, headquartered in Mexico City. Anonymity would have been an automatic decline.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Beech Desk does not sell a token to the public on this pad	Posture lock	live
The product is payroll rails sold to institutions	Architecture + customer type	live
Payroll adapters is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Mexico City	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:24
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.