Why this matters: When an asset moves between two institutions, three things must land in the same instant.
Title, cash, rules
01 Title - the ledger of record and token registry. One canonical write both institutions and supervisors can rely on.
02 Cash leg - a tokenized bank deposit, delivery versus payment. The bank issues the deposit; 4orm composes the settlement event.
03 Rules - identity, eligibility, sanctions, jurisdiction. Checked before the instruction is accepted; embedded in the token at issuance.
If any one fails, none of them move. That is delivery versus payment.