> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/dual-rail-distribution/subscription-and-settlement-workflow.md).

# Subscription & Settlement Workflow

Once investor onboarding is complete, subscription and settlement follow a defined workflow across both rails.

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**ISIN Rail — Traditional Settlement**

Upon subscription confirmation and KYC clearance, the investor executes the SubFund's subscription agreement and submits payment via IBAN transfer to the SubFund account at Swissquote Bank Europe SA. Swissquote confirms receipt and notifies the Management Company. Baker Tilly records the subscription in the SubFund's register and issues a confirmation of allotment to the investor. The ISIN is updated to reflect the new holding. Settlement is completed within standard banking timelines following cleared fund receipt.

Ongoing distributions — interest payments, revenue participations, or redemption proceeds — are processed by Swissquote as paying agent and credited to the investor's nominated bank account in accordance with the SubFund's waterfall provisions and distribution schedule.

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**Digital Rail — On-Chain Settlement**

For investors subscribing through T-Blocks' primary market platform, the workflow integrates digital subscription with on-chain settlement. Upon KYC clearance and subscription agreement execution, the investor funds their platform account via IBAN transfer or stablecoin deposit — including EUROP (issued by Schuman Financial) or RLUSD where applicable. T-Blocks' platform confirms funding and instructs token issuance. Palisade's MPC wallet infrastructure mints the relevant token on the XRP Ledger and delivers it to the investor's assigned wallet address. The on-chain transaction is recorded on the XRP Ledger's immutable register, complementing the Management Company's official SubFund register maintained off-chain by Baker Tilly.

Distributions are processed on-chain where elected, with stablecoin payments delivered directly to the investor's platform wallet, or converted and credited to the investor's nominated bank account through the platform's fiat off-ramp infrastructure.

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**Settlement Summary**

| Parameter           | ISIN Rail                         | Digital Rail                                          |
| ------------------- | --------------------------------- | ----------------------------------------------------- |
| Subscription method | IBAN bank transfer                | IBAN transfer or stablecoin deposit                   |
| KYC/AML             | Bank-to-bank or direct onboarding | Platform onboarding via T-Blocks                      |
| Settlement          | Standard banking timelines        | On-chain, near-instant post-confirmation              |
| Custody             | Swissquote Bank Europe SA         | Palisade MPC wallet, or third-party digital custodian |
| Record of ownership | SubFund register (Baker Tilly)    | SubFund register + XRP Ledger on-chain record         |
| Distributions       | IBAN bank transfer                | Stablecoin or fiat off-ramp                           |
| Secondary liquidity | Broker-dealer / OTC               | Bulletin board or regulated digital venue             |