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

BEE3

Closed

CLOSEDPayments orchestration

Beech Room

Window closed. 927 asked while it was live. You are reading history.

Heat 30. Window 0d. If you are going to read one Payments orchestration company, this is the one.

Beech Room — 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.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

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

Account abstraction · testnet

Counsel hours

Brussels · closed private round

Sentences killed

Before listing

Claims live

0/11

Build

Our cut

Of any proceeds

Plate Ledger · 1522

BEE3

The plate

Ledger. Edition 1522.

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

BEE3 · Brussels · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Brussels

Licensed PSPs

Sells

Annual

Annual PSP seat

Markets

Brussels

Years

Founded 2022

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Annual PSP seat

Beech Room is betting that Brussels PSPs will buy routing as software rather than issue a coin.

Why the desk took it

A real job, not a ticker.

The AA layer is on testnet and they said so — no mainnet theatre.

Traction

4 named pilots (redacted).

Founded 2022, headquartered in Brussels. 4 named pilots on file (identities redacted in public). 927 on the waitlist, gated — product demand, not a book built. 6 nodes or connected surfaces reported. Desk diligence score 76/100. A coverholder or carrier running one binder on this record. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Counsel memo on the AA perimeter, or the UX layer stays dark.

Checkout.com is a processor. This is plumbing for processors. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Beech Room would not let a public sale sit on this page. That is why a company in Payments orchestration is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

The bet is narrow. A named Brussels buyer already has budget for this invoice. Beech Room 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 Room. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

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 screen

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

From ops

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

The window

Miss this and you read the archive.

The decline pile in Payments orchestration is full of companies that looked the same on slide one. This one is listed.

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

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 3
Counsel hours on file: 33
Asks / week: 116
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Luca Ellison, Chief executive

This company

Beech Room

Not the incumbent brand. Beech Room sells the job the brand will not staff.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

Beech Room is betting that Brussels 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

The incumbent brand sells the relationship. Beech Room sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Named: Brussels. Off-limits: Mainland China retail. A US person hearing an offering communication is a US problem even if the company sits in Brussels. Blocking an IP and taking a US Telegram admin is not a block.

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
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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.

Named operators
36%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
23%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
18%
The remaining certifications and the second named market.
Second market
23%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
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: Annual PSP seat
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: Per-event pricing so a pilot can start without a transformation programme.
Moat on file: Scheme certifications already in motion with two processors.
Switching cost: Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps: Checkout.com is a processor. This is plumbing for processors.
Why we listed it: The AA layer is on testnet and they said so — no mainnet theatre.

Next twelve months

What has to be true.

Counsel memo on the AA perimeter, or the UX layer stays dark.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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

Traction

What you can verify today.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
Brussels is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

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

Product95
Customers96
Legal path84
Tech maturity46
Demand45
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Beech Room asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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 Room. Concentration in one scheme is existential.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Beech Room has to be cheaper or faster before that happens.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What happens if a founder later wants a public token?
03Has counsel written the perimeter in a memo you can file?
04Which geography is actually locked, and which is a hope?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06Is the waitlist demand for a product, or a queue for a coin?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Beech Room Ltd
Path on file: Brussels · closed private round
Posture: Window closed
Pack: Build

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.

Brusselsnamed
Mainland China retailrestricted

Team

Who runs it.

Luca EllisonChief executive
Tomás DiazMarkets

Stack

Account abstraction · testnet
Payments orchestration
Disclosure templates
Takedown SLA

Named with them

Northbridge Counsel
Meridian Tax

Who can decide

Luca Ellison came in named. The team is not a handle. Beech Room Ltd exists, founded 2022, headquartered in Brussels. Anonymity would have been an automatic decline.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Beech Room does not sell a token to the public on this pad	Posture lock	withdrawn
The product is payments orchestration sold to institutions	Architecture + customer type	withdrawn
Account abstraction · testnet is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Brussels	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Beech Room archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. 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

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