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

BEEN

In diligence

IN MOTIONDvP rails

Beech Pike

Certification is in motion. After it lands, access is the scarce thing — not price.

The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.

Beech Pike — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 3). This is when the story, the customers and the legal path get written down — or the file stops.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned DvP

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/7

Sprint

Our cut

Of any proceeds

Plate Meridian · 5363

BEEN

The plate

Meridian. Edition 5363.

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

BEEN · Paris · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 3 of 14

Paris

Banks

Sells

Per

Per settled obligation

Markets

France

Years

Founded 2025

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Per settled obligation

They will connect a rail before they will issue a coin. That is the company.

Why the desk took it

A real job, not a ticker.

They did not pitch a token as the rail’s unit.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Paris. One named pilot on file (redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 3 of 14. A treasurer at a bank that already settles — not a crypto-native desk. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Two banks, live DvP, even a small notional.

RTGS upgrades are coming. Beech Pike has to be a feature they buy, not a rival they block. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Someone in Paris already renewed a slower vendor this year. Beech Pike is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

The bet is narrow. A named Paris buyer already has budget for this invoice. Beech Pike 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.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the founder

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

From the pilot

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From ops

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

The window

Miss this and you read the archive.

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

Budget exists on a line the board can see. That is why the window is this quarter.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 14
Counsel hours on file: 68
Asks / week: 13
Our cut: 0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
Hannah Nair, Chief executive

This company

Beech Pike

The copycats will arrive after certification. That is why the window is now.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

They will connect a rail before they will issue a coin. That is the company.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Beech Pike is priced as software against an invoice that already exists.

Named: France, EEA professional. Off-limits: EU retail. A US person hearing an offering communication is a US problem even if the company sits in Paris. Blocking an IP and taking a US Telegram admin is not a block.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

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

Certifications & adapters
38%
A counsel memo that can survive a later reader.
Second market
27%
Adapter work against the incumbent register, admin, or custodian.
Named operators
15%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
20%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Per settled obligation
Who pays: A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Legal opinion on finality in the governing law.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: RTGS upgrades are coming. Beech Pike has to be a feature they buy, not a rival they block.
Why we listed it: They did not pitch a token as the rail’s unit.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

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

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Permissioned DvP
No token contract listed as a public sale
Pilot letters on file, identities redacted
Paris 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.”

Product65
Customers40
Legal path62
Tech maturity60
Demand30
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Beech Pike is in the e-money / deposit perimeter. That is a different company.

Token relapse

A later round that wants a public token puts Beech Pike in a different perimeter. The file treats that as a hard stop.

Ask these next

01What does renewal look like if no round ever happens?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03What happens if a founder later wants a public token?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Who is the first named paying customer — not a letter of intent?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Beech Pike SAS
Path on file: Not offering — locked
Posture: Private only
Pack: Sprint

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.

Francenamed
EEA professionalnamed
EU retailrestricted

Team

Who runs it.

Hannah NairChief executive
Zara NairFinance

Stack

Permissioned DvP
DvP rails
Takedown SLA

Named with them

Northbridge Counsel
Clearline
Meridian Tax

Who can decide

Hannah Nair (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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 Pike does not sell a token to the public on this pad	Posture lock	live
The product is dvp rails sold to institutions	Architecture + customer type	live
Permissioned DvP 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: France, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 14:23
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.