Sounds interesting - however, if they are successful in reconciliation, then seems logical that the next step will be addressing the transfer of wealth that happens after reconciliation (ie, clearing). I am not sure how much of a problem this truly is - ie, how much of counter party risk is attributed to how often the counter party agrees on the reconciliation but just does not have the capital to pay up at t+3.

Whatever it is, if you could instantaneously reconcile and clear, then some forms of trading could get a lot faster.