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

OSIY

In diligence

IN MOTIONDvP rails

Osier Line

Window a fewd · waitlist a short list · our cut 0%. Do the maths.

The first buyer already has a vendor. Osier Line is taking that invoice. The queue is a short list deep.

Osier Line — 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 12). This is when the story, the customers and the legal path get written down — or the file stops.

If you needed a reason to open diligence tonight: a short list other people already did.

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

4/9

Sprint

Our cut

Of any proceeds

Plate Signal · 6014

OSIY

The plate

Signal. Edition 6014.

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

OSIY · Barcelona · DvP rails

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 12 of 14

Barcelona

Banks

Sells

Bank

Bank connector

Markets

Barcelona

Years

Founded 2024

Surfaces

Permissioned DvP

Complete

File readiness

The wedge

Bank connector

Osier Line sells a treasurer a night without fails.

Why the desk took it

A real job, not a ticker.

Finality law was in the application.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Barcelona. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 85/100. Sprint day 12 of 14. Four origination desks posting into a closed tape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Two banks, live DvP, even a small notional.

A public L1 is a different threat model and a different statute. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

Barcelona is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Osier Line chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

Osier Line exists because the incumbent brand will not staff the unglamorous middle of DvP rails. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

On a Tuesday in Barcelona, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the pilot

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

The legal source of truth stays with the incumbent register, admin, or custodian. Osier Line does not attest to its own facts.

From counsel

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.

If the window closes you still have the pack — as history. Not as a live conversation.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

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

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 4
Counsel hours on file: 73
Asks / week: 36
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Nia Mbeki, Chief executive

This company

Osier Line

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.

Osier Line sells a treasurer a night without fails.

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

The incumbent brand sells the relationship. Osier Line 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: Barcelona. Off-limits: United States retail, United States. A US person hearing an offering communication is a US problem even if the company sits in Barcelona. 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
05A named counterparty verifies; Osier Line does not attest to its own facts.

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.

Claims & campaign ops
35%
The remaining certifications and the second named market.
Certifications & adapters
24%
Hiring the operator who already does this job at a licensed firm.
Named operators
15%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
26%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Bank connector
Who pays: Four origination desks posting into a closed tape.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Validator set is named operators, not an anon miner.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: Finality law was in the application.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Permissioned DvP
No token contract listed as a public sale
Named founder; customer still a conversation
Barcelona 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.”

Product34
Customers62
Legal path62
Tech maturity45
Demand66
Market access44

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

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, Osier Line is in the e-money / deposit perimeter. That is a different company.

Incumbent feature

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

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Has counsel written the perimeter in a memo you can file?
03Which geography is actually locked, and which is a hope?
04What does renewal look like if no round ever happens?
05Where do keys, title, or NAV liability sit — and is that person licensed?
06Which incumbent can copy this in a quarter, and what would they have to migrate?

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: Osier Line Ltd
Path on file: Not offering — locked
Posture: No public sale
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.

Barcelonanamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Nia MbekiChief executive
Zara MoreauChief executive

Stack

Permissioned DvP
DvP rails
Audit log

Who can decide

Nia Mbeki came in named. The team is not a handle. Osier Line Ltd exists, founded 2024, headquartered in Barcelona. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Osier Line is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Osier Line 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Barcelona	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:15
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.