OSN carries clearing instructions between financial institutions as immutable message objects. The value transfer behind every instruction is anchored on a public ledger with frozen rules, which any party can replay and check independently.
Neither segment is ever edited. Integrity is proven by hashes, not by a mutable status field.
OSN is an operated network, not a public chain. What is not operated by OSN is the value record itself.
Institution node identity, clearing result signatures and value transfer on QCC all use ML-DSA-87 — NIST FIPS 204 security category 5, the highest level the standard defines. Post-quantum signatures are built into the ledger from the first block rather than added by later migration, and no elliptic-curve key exists anywhere in the ownership path.
A supervisor's mirror node replays the ledger and computes the same execution-layer state hash as every member institution. When the hashes match, the supervisor has verified the record itself, without relying on any report produced by OSN. Access to an institution's cleartext is authorised by that institution, limited to one observer per institution node; OSN cannot open it on anyone's behalf.
Transfer restriction is a rule of the ledger itself, not a smart contract, so it cannot be upgraded, bypassed or re-scoped by whoever deployed it. Each whitelisted address maps to a KYC or KYB record held by the issuing institution: customer due diligence becomes an enforced transfer rule, while the ledger stores no identity data. The mechanism has been tested on the QCC testnet with 100 million whitelisted addresses.
Stablecoin reserves are usually checked by periodic attestation: an auditor confirms a balance at one past date, weeks after the fact. OSN makes the check synchronous. Settlement token supply is a public on-chain figure that any node can mirror in real time or rebuild by full replay, and read-only balance access for supervisors and member institutions is a condition OSN sets for selecting any reserve bank. Any of them can compare the two figures at any moment; a mismatch is visible when it happens, not at the next reporting date.
Clearing between any two member institutions, wherever they are located, is designed to complete within three minutes. After a 30-second order collection window, the clearing request, the clearing result and the value transfer on QCC are each sealed and signed in sequence; the message lifecycle itself is designed to take about one minute. Settlement here means the final transfer of settlement tokens between institutions on QCC; payout to the end customer follows the receiving institution's local payment rails. The clearing framework is in testnet; published timings will come from testnet measurements.
On reserves: tokens are minted only after reserve funds have arrived and burned before funds leave, so on-chain supply should never exceed the reserve balance. Periodic audit still covers what a balance cannot show — legal title, encumbrances and custody terms. What changes is that the balance itself no longer has to wait for one.
On scale: the whitelist is designed for institution-issued stablecoins with customer bases in the tens of millions per asset. Per-transaction whitelist updates are bounded, so transaction size and cost stay predictable regardless of total list length. Parameters of the 100-million-address testnet run are available to institutions and their advisers on request; formal benchmark results will be published with the protocol specification at mainnet release.
Most clearing infrastructure asks participants to trust an operator's ledger. OSN does not remove the operator — it removes the operator from the record of value.
| Function | Where it runs | Who must be trusted |
|---|---|---|
| Value transfer and settlement token supply | QCC | No one. Rules are frozen and every transaction is publicly replayable. |
| Clearing instruction, routing, synchronisation | OSN | OSN as operator, under its licensing obligations. |
| Customer identity, KYC, payment execution | Member institution | Each institution, for its own customers only. |
Reserve assets backing settlement tokens are held 1:1 with regulated reserve banks. Issuance and redemption are recorded on QCC, so the token supply and the reserve balance can be compared at any time.
On your node. Request and Result payloads are encrypted with keys derived from your institution's master key. OSN transports and synchronises ciphertext and holds no capability to decrypt it.
Your institution, exclusively. Rotation is performed by generating new keys, transferring settlement tokens and updating the whitelisted address — no coordination with OSN's key material is required.
One institution node, handling only your own traffic and data. It is not a consensus node and does not replicate other institutions' cleartext. Reconnection and resynchronisation after network loss are automatic.
Through an observer node that your institution authorises, scoped to your own data. OSN cannot grant that access on a supervisor's behalf, because OSN cannot itself attest that a requesting party is a regulator.
An OSNMesObject is not a status record that moves through states. It is two immutable facts joined by cryptography: what the originator asked for, and what the clearing institution did. Nothing is ever rewritten.
A verifying node reads the Header, reads the Request ciphertext, recomputes the hash and compares. It never needs the decryption key to establish that the content is intact. Try it — change any field below and watch the anchor break.
This page runs a self-contained SHA3-256 (FIPS 202) implementation in your browser; nothing is transmitted. Field encoding here is a simplified illustration — production uses the canonical toByte() rules in the OSN V1 specification.
Open Settlement Network Pte. Ltd. is incorporated in Singapore and has no parent company. Ownership sits directly with its four shareholders, and the technical architecture is designed and implemented in-house.
| Item | Status |
|---|---|
| Payment institution licence (MAS) | Application in preparation; licence class being confirmed with counsel. Not licensed at this time. |
| Sandbox Plus participation | Application in preparation. Not admitted at this time. |
| Settlement token reserves | 1:1 USD, held with regulated reserve banks across more than one custodian. |
| Protocol specification and source | To be published at mainnet release. |
Issuance and redemption of settlement tokens require three separate signatures, held by different parties under different custody arrangements. No single person inside the company can mint or redeem.
OSN intends to apply to the Monetary Authority of Singapore for participation in Sandbox Plus. We are inviting banks and payment institutions to be named as joint validation participants in that application. Registering interest carries no obligation and can be withdrawn at any time before submission.
Open Settlement Network Pte. Ltd.
101 Cecil Street #11-02
Tong Eng Building
Singapore 069533
+65 9113 8952
Business and institutional partnerships
admin@qccio.com
Specification requests and technical sessions
