Former Deutsche Bank managing director Rhomaios Ram has been appointed as the Utility Settlement Coin consortium executive.

The USC consortium is aiming to develop digital cash for institutions. The technology, being developed by Clearmatics, digitises many of the properties of central bank money on a distributed ledger, and aims to significantly enhance the current clearing and settlement process between institutions and counterparties.

Ram joins as the consortium expands its membership from five to eleven members. The project, which began life with Clearmatics and UBS, later attracted BNY Mellon, Deutsche Bank, Santander and brokerage ICAP. More recent joiners are Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street.

As consortium executive, Ram will lead the operating company of the consortium, which will continue to be a division of Clearmatics for the next phase of development.

Robert Sams, CEO of Clearmatics, said: "Rhomaios brings a passion for transformational technology and wealth of market experience to the USC Project, we are thrilled to have him as part of the team and lead this project."

At Deutsche Bank, Ram spent more than 22 years in various roles including head of transaction banking for the UK and Ireland, head of electronic distribution for global markets and European head of currencies and commodities. More recently he spent time advising various fintech startups.

The USC consortium is in discussions with central banks and regulators and is aiming for a "limited go live" in the latter part of 2018.