Purpose
Large financial institutions already benefit from sophisticated clearing infrastructures. Osnias applies the same economic logic of reconciliation and multilateral netting to a broader business population that does not generally have direct access to comparable mechanisms.
The objective is to democratize access to clearing: a company generating around USD 10 million in annual business should be able to organise recurring obligations with its customers and suppliers within a clearing room, reconcile those obligations, apply multilateral netting and settle only the resulting residual positions.
Access to structured clearing without requiring the scale of a major financial institution.
Multilateral reconciliation and netting across recurring commercial obligations.
Cross-jurisdiction clearing through participating nodes and dedicated clearing rooms.
What We Are Seeking
Osnias is seeking an infrastructure partner for the first reference node, with the option to participate in subsequent jurisdictional deployments as the Osnias Clearing network expands.
The first-node partnership is intended to establish the technical, operational and jurisdictional model that can then be replicated across additional financial and commercial centres.
The purpose is not to procure a one-off software development service. It is to establish a long-term infrastructure relationship around the deployment and operation of clearing nodes.
Development, integration and testnet validation.
Node hosting, monitoring, integration and maintenance.
Independent testing, review and remediation.
Preparation and operation of the first nodes within appropriate local frameworks.
Development and Testnet Validation
Development, integration and testing of the Osnias infrastructure across the Sei and EVM environments, including smart contracts, registries, oracle controls, authenticated messaging and clearing-to-settlement interfaces.
Review gate: acceptance of Phase 1 technical evidence.
Netting Specification and Implementation
Formal specification of the multilateral netting methodology, including clearing-cycle rules, reconciliation logic, calculation of residual positions and interfaces with participating nodes.
Review gate: technical acceptance of the netting methodology.
Independent Security Review and Jurisdictional Assessment
Independent review of smart contracts, permissions, invariants, oracle mechanisms, inter-chain communication and failure-management controls. In parallel, preparation of the legal and regulatory dossier applicable to the jurisdiction selected for the first node.
Review gate: production-readiness decision.
First Production Node
Deployment of the first mainnet implementation on a node operated by an institutional or infrastructure partner. The first deployment establishes the reference configuration, procedures, monitoring framework and deployment model for subsequent nodes.
Review gate: post-deployment validation of the operating model.
Partner Benefit
Participation in the first reference node is intended to provide the infrastructure partner with a direct economic and strategic interest in the development of the Osnias Clearing network.
Participation in clearing revenues generated by the node under the agreed fee-sharing framework.
Revenue opportunities associated with node implementation, onboarding, integration and local deployment.
Ongoing revenues from hosting, monitoring, maintenance, upgrades and technical support.
Early partners may be well positioned to participate in subsequent node deployments in additional jurisdictions, subject to contractual agreement and local requirements.
Direct experience of the architecture, controls, interfaces and operating procedures used to deploy the reference node.
Operational exposure to a clearing infrastructure designed for small-cap, mid-market and international businesses.
Why Participate?
An early infrastructure partner is not simply financing development. It is establishing an operational position within the first generation of Osnias clearing nodes.
The reference clearing fee is 0.15% of gross clearing volume processed before netting. The applicable allocation between participants would be defined contractually.
New nodes require technical implementation, integration, onboarding and local deployment.
Production nodes require hosting, monitoring, upgrades, maintenance and technical support.
Early partners may obtain preferred access to future node deployment opportunities in jurisdictions where they possess the relevant capabilities, subject to contractual agreement.
Early participation provides direct experience of the architecture, procedures, controls and node interfaces.
The partner gains early exposure to a clearing model designed for companies and sectors that are not normally served by large-scale institutional clearing infrastructures.
Market Depth
The relevant reference for Osnias is the gross volume processed inside clearing infrastructures before netting, not global payment volume.
Existing infrastructures demonstrate the exceptional depth of clearing activity. These references are used solely to illustrate scale; Osnias serves a different participant base and operating model.
IRS notional cleared in 2025.
Reference scale only.
Average daily payment instructions processed in 2025.
Reference scale only.
Approximate reduction in gross payment funding requirements reported by CLS.
CLS benchmark, not an Osnias performance forecast.
Working-Capital Efficiency for Participating Companies
A company that deposits EUR 50,000 of collateral in escrow on EVM receives its mirror of 50 kOEURO minted on the Sei clearing layer. Minting is strictly conditional on the prior deposit of equivalent collateral, according to a permanent 1:1 collateralisation ratio. This collateral backs the commitment orders recorded on Sei / Clearing throughout the cycle.
Temporal clearing leverage. The collateral remains immobilised throughout the cycle. It does not circulate and guarantees the mirror tokens issued on the clearing layer, with permanent 1:1 coverage.
The OEURO, however, can be used repeatedly on the clearing layer between customers and suppliers during the clearing phase. They can therefore circulate successively to record and transfer commercial obligations across the network.
Companies may receive OEURO against their receivables and then use those same OEURO to discharge their own obligations toward other participants. The economic multiplier therefore comes from the temporal circulation of the same fully collateralised clearing capacity, followed by multilateral netting before final settlement.
EUR 50,000 held in EVM escrow.
50 kOEURO minted on Sei and fully collateralised 1:1.
If the same clearing capacity circulates once per week, it can support up to EUR 200,000 of cumulative gross obligations over four weeks.
If EUR 200,000 of gross obligations are reduced by multilateral netting to a final residual position of EUR 30,000, the implied netting rate is 85%:
Gross-flow / final-settlement ratio: 200,000 / 30,000 = 6.67×
The temporal leverage comes from the circulation of obligations over time and their multilateral netting before final settlement, while remaining permanently collateralised 1:1 and without credit leverage. The network therefore remains simple, sound and secured. Credit operations remain external to the clearing network.
Illustrative Adoption Scenarios
Osnias does not assume or guarantee any future market share. Adoption will depend on the usefulness of the infrastructure, the participation of businesses, the quality of the node network and the operating frameworks established in each jurisdiction.
The following scenarios are therefore presented solely to illustrate the economic depth of the clearing function against a known institutional reference scale.
Approximately USD 194.1 billion in annual gross clearing flows.
Equivalent to approximately USD 291 million in gross annual network clearing fees at 0.15%, before allocation and operating costs.
Approximately USD 970.5 billion in annual gross clearing flows.
Equivalent to approximately USD 1.46 billion in gross annual network clearing fees at 0.15%, before allocation and operating costs.
Approximately USD 1.941 trillion in annual gross clearing flows.
Equivalent to approximately USD 2.91 billion in gross annual network clearing fees at 0.15%, before allocation and operating costs.
Node Expansion Strategy
The first production node is intended to establish the reference operating model. Once validated, the objective is to progressively deploy at least one clearing node in each priority jurisdiction.
French reference node for South-West Europe, combining certified data-center infrastructure, regional banking connectivity and access to mid-market companies.
Swiss node positioned within a mature financial, institutional and digital-asset infrastructure environment.
Euro-area node for industrial, commercial and institutional clearing activity.
UK and international node for cross-border middle-market and institutional business flows.
Gulf-region node for international trade, infrastructure and cross-border commercial flows.
Indian node for mid-market, industrial and international business activity.
Asian regional hub for cross-border commercial activity and international clearing participation.
Jurisdictional Accountability
Osnias is designed as a distributed clearing infrastructure in which each node operates from, and remains accountable within, a defined jurisdiction.
Each node operator remains responsible for the legal, regulatory, operational and supervisory requirements applicable to its own jurisdiction. The existence of the common Osnias architecture does not displace or centralise those local responsibilities.
Each user remains independently responsible for the legal, accounting and tax treatment of its underlying commercial transactions, including VAT, indirect taxes, customs treatment and any other jurisdiction-specific obligations applicable to its activity.
Each node answers to the legal, regulatory and operational framework of the jurisdiction in which it is established and operated.
Each user answers to its own accounting, tax, VAT and legal obligations in relation to its underlying commercial transactions.
Osnias provides the common clearing, reconciliation and netting layer between participants without replacing the regulatory obligations of nodes or the tax obligations of users.
EVM Node Infrastructure
On the execution side, node infrastructure may be deployed on EVM-compatible networks, including Ethereum and Arbitrum, depending on technical, cost, security, operational and jurisdiction-specific requirements.
The EVM layer supports the local infrastructure required around settlement, collateral, integration and node operation. The clearing function remains logically separated from settlement execution, custody and lending activities.
Indicative Partnership Programme
The programme is structured around an indicative budget of approximately USD 50,000 per phase. Each phase may be separately scoped, contracted and accepted.
Final budgets depend on confirmed scope, responsibilities, audit costs and jurisdiction-specific work.
Partnership Outcome
The intended outcome is a long-term infrastructure relationship built around the deployment and operation of clearing nodes, rather than a one-off development mandate.
The first partners participate in establishing the technical, operational and jurisdictional framework from which subsequent nodes and clearing rooms can be deployed.
Intellectual Property and Use Rights
The Osnias architecture, protocol design, software components, documentation, network specifications and related technical materials remain subject to Osnias intellectual property rights unless otherwise agreed in writing.
Participation in the partnership programme does not, by itself, transfer ownership of the underlying Osnias intellectual property.
Any implementation rights, operating rights, node deployment rights, licensing rights, access to source materials or rights relating to derivative developments are defined separately within the applicable contractual framework.
Frequently Asked Questions
A node is intended to be operated by an institutional or infrastructure partner within a defined technical, operational and contractual framework. The precise operating entity and responsibilities are determined for each jurisdiction.
The reference clearing fee is 0.15% of gross clearing volume processed before netting. The allocation of fees between the relevant operating entities, node participants and infrastructure partners is defined contractually for each deployment.
Responsibilities may include node hosting, integration, monitoring, maintenance, deployment support, security controls and operational continuity. The scope is defined contractually and does not extend automatically to settlement, custody, lending or other functions outside the agreed perimeter.
Osnias provides the clearing architecture, registries, reconciliation logic, netting methodology, network rules and common technical framework. Osnias performs clearing and netting calculations; settlement execution remains outside the clearing function.
Settlement of residual positions is performed through participating nodes and their respective settlement arrangements. Osnias does not operate as a payment system and does not replace the settlement infrastructure selected by the node operator.
Each Osnias clearing node is attached to a defined jurisdiction and operated under the applicable local legal, regulatory and operational framework. A node does not become jurisdiction-neutral simply because the clearing infrastructure is distributed.
Yes. A node may participate in clearing rooms involving businesses established in different jurisdictions. Cross-border participation does not remove the local legal, accounting or tax obligations applicable to the participating entities.
Each user remains responsible for determining and fulfilling the VAT, indirect tax, customs, accounting and other fiscal obligations applicable to its own underlying commercial transactions. Osnias does not determine or collect those obligations as part of the clearing function.
No. Clearing records, reconciles and nets eligible obligations. It does not alter the legal, accounting or tax nature of the commercial transaction from which those obligations arise.
The first-node jurisdiction will be selected on the basis of partner capability, legal and regulatory assessment, infrastructure readiness and operational suitability. The programme is designed so that subsequent nodes can be deployed progressively in additional jurisdictions.
On the execution side, nodes may be deployed on EVM-compatible infrastructure, including Ethereum and Arbitrum, depending on technical, cost, security and jurisdiction-specific requirements.
Mainnet deployment is subject to completion of the testnet phase, validation of the netting implementation, independent security review, remediation of identified issues and completion of the relevant jurisdiction-specific legal and regulatory assessment.
No. Market adoption, clearing volumes and revenues cannot be guaranteed. The market-scale scenarios presented on this page are reference illustrations based on known institutional clearing volumes.
The first-node partner acquires direct operational knowledge of the architecture, interfaces, deployment procedures and controls. This may provide an implementation advantage when additional nodes and clearing rooms are deployed.
The current programme is structured around an indicative budget of approximately USD 50,000 per phase, or approximately USD 200,000 across the four phases. Each phase may be separately scoped, contracted and accepted.
No. Participation in the programme does not automatically transfer ownership of the Osnias architecture, protocol design, software, documentation or network specifications. Any licence, implementation right, operating right or other IP-related permission is defined separately by contract.
Osnias is designed for small-cap companies, mid-market businesses, industrial groups and international businesses that wish to organise recurring obligations with customers and suppliers through structured multilateral clearing.
The Path Forward
This is the proposed path from testnet validation to the first production node.
The remaining question is whether we build it together.
Reference Sources
LSEG — 2025 Preliminary Results: SwapClear IRS notional cleared of USD 1,941 trillion in 2025.
CLS — Reimagining same-day FX, March 2025: CLSSettlement reports average daily value above USD 7 trillion and states that multilateral netting reduces gross payments by approximately 96%.
Market references are provided solely to illustrate the scale of established clearing and settlement infrastructures. Osnias addresses a different participant base, architecture and economic model.