The wedge
Annual PSP seat
They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
JUTD
In market
HOT WINDOWPayroll railsJute Book
Most of Payroll rails died in the screen. Jute Book did not.
A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.
Jute Book — 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. 7,343 on the product waitlist — that is demand, not an allocation.
Most Payroll rails applications this quarter were declined. You are looking at one that was not.
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
0
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Payroll adapters
Counsel hours
0
Geneva · counsel-named
Sentences killed
0
Before listing
Claims live
6/11
Growth
Our cut
0%
Of any proceeds
Plate Vault · 3852
JUTD
The plate
Vault. Edition 3852.
A unique plate for Jute Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
JUTD · Geneva · Payroll rails
Score
0
Desk diligence
Pilots
0
Named, redacted
Waitlist
0
Product demand
HQ
Geneva
Licensed PSPs
Sells
Annual
Annual PSP seat
Markets
0
Geneva
Years
0
Founded 2024
Surfaces
0
Payroll adapters
Complete
0
File readiness
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 2024, headquartered in Geneva. 4 named pilots on file (identities redacted in public). 7,343 on the waitlist, gated — product demand, not a book built. 20 nodes or connected surfaces reported. Desk diligence score 92/100. 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
Live routing in one named scheme. Everything else is a slide.
Modulr and Lemonway sell the account. Jute Book sells the router in front of accounts they already have. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The first sentence Siobhán Okoye would not let us publish was the exciting one. What remains is slower — and scarcer: Jute Book Ltd selling Payroll rails as software, from Geneva, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Jute Book is the version that survives counsel. It is on a clock.
A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Jute Book. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Jute Book does not attest to its own facts.
From the screen
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From ops
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.
The window
Miss this and you read the archive.
The incumbent will still be slow in a year. The window will not.
A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 15
- Counsel hours on file
- 78
- Asks / week
- 918
- Our cut
- 0% of proceeds
US came off the site in the first session. We did not argue. We are not children.
This company
Jute Book
A generalist vendor copies the slide. They cannot copy the named record.
In the same conversation
- Modulr
- Lemonway
- Checkout.com routing
- Not a L2 payments coin
The bet
Why this company exists.
They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.
They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.
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
L2 wrappers are cheaper. They are also a different perimeter — and declined here. Jute Book is priced as software against an invoice that already exists.
Geneva being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
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
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
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.
Second market
30%
The remaining certifications and the second named market.
Named operators
25%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
22%
A counsel memo that can survive a later reader.
Counsel & perimeter
23%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- Annual PSP seat
- Who pays
- A national registry counterpart, not a scrape.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- ISO 20022 maps that took eighteen months — not a wrapper on Stripe.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Modulr and Lemonway sell the account. Jute Book sells the router in front of accounts they already have.
- 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.
Live routing in one named scheme. Everything else is a slide.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2024, headquartered in Geneva. 4 named pilots on file (identities redacted in public). 7,343 on the waitlist, gated — product demand, not a book built. 20 nodes or connected surfaces reported. Desk diligence score 92/100. A national registry counterpart, not a scrape. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Operating notes for Payroll adapters
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Geneva 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.”
- Product78
- Customers96
- Legal path84
- Tech maturity94
- Demand77
- 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 7,343.
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 Jute Book. Concentration in one scheme is existential.
Facts vs theatre
A proof of a fake book is still a fake book. Jute Book has to attach to the real one, in Geneva.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03What does renewal look like if no round ever happens?
- 04Who is the first named paying customer — not a letter of intent?
- 05Which incumbent can copy this in a quarter, and what would they have to migrate?
- 06Which geography is actually locked, and which is a hope?
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
- Jute Book Ltd
- Path on file
- Geneva · counsel-named
- Posture
- Private only
- 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.
- Genevanamed
- EU retailrestricted
Team
Who runs it.
- Siobhán OkoyeChief executive
- Luca HolmChief executive
Stack
- Payroll adapters
- Payroll rails
- Audit log
- Approval trail
Named with them
- Northbridge Counsel
- Clearline
- Meridian Tax
Who can decide
Siobhán Okoye came in named. The team is not a handle. Jute Book Ltd exists, founded 2024, headquartered in Geneva. 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 |
|---|---|---|
| Jute Book 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 |
| Pilot identities redacted in public | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Geneva | Named markets on the file | live |
On the record
- Sprint packPackJun
- Counsel lockPathJul
- Claims register liveRegisterAug
- Creator briefBriefSep
Operating log
11 Sep 09:22
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.
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.