Former BoE, Bundesbank officials join blockchain payments firm Fnality

cryptonews09-10 17:08

Former Bank of England and Bundesbank officials have joined Fnality’s UK and European boards as the bank-backed blockchain payments company prepares to expand its central bank money settlement network...

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Fnality was founded in 2","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","FNCL":"Fidelity MSCI Financials Index ETF","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","XLF":"金融ETF","LEGR":"First Trust Indxx Innovative Transaction & Process ETF","STBQ":"Amplify Stablecoin Technology ETF","BK4504":"桥水持仓","LU1144417596.USD":"UBS (LUX) GLOBAL QUALITY DIVIDEND EQUITY \"Q\" (USD) INC","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","FTXO":"First Trust Nasdaq Bank ETF","BK4588":"碎股","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","KBWB":"银行ETF-PowerShares","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","UYG":"两倍做多金融股ETF-ProShares","BK4207":"综合性银行","LU0149725797.USD":"汇丰美国股市经济规模基金","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","GSX":"Tradr 2X Long GS Daily ETF","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU0306806265.USD":"SCHRODER ISF GLOBAL DIVIDEND MAXIMISER \"A\" ACC","LU1883839398.USD":"AMUNDI FUNDS INCOME OPPORTUNITIES \"A2\" (USD) ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","XXDC":"Teucrium Leveraged XDC Network ETF","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","BKCH":"AdvisorShares Sabretooth ETF","IYF":"金融指数ETF-iShares Dow Jones","TFNS":"T. 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Its sterling payment system launched in 2023 and is regulated by the Bank of England.\nFnality is now seeking regulatory approvals for dollar- and euro-denominated versions of the network.\n“It is really important that we find a way to get central banks and central bank money at the heart of the new technologies that were pioneered in the crypto world,” Cunliffe said in an interview.\n\n“Some of those technologies are coming to the mainstream world of finance because they offer better functionality and speed.”\n\nFnality was founded in 2019 and is backed by banks and financial market infrastructure companies including Goldman Sachs, UBS, Banco Santander, Bank of America and Citigroup.\nThe company raised $136 million in Series C funding in September 2025, with crypto.news previously reporting that WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb led or participated in the round alongside existing investors including Goldman Sachs, Santander, UBS and Euroclear.\nThat financing took Fnality’s total funding since 2019 to more than $280 million. The company said at the time that the capital would support expansion of the Sterling Fnality Payment System into additional currencies, alongside liquidity management tools and connections with stablecoins and tokenized deposits.\nFnality had earlier raised $95 million in Series B funding in 2023 in a round led by Goldman Sachs and BNP Paribas. Euroclear, DTCC, WisdomTree and Nomura were among the participants, while Santander, BNY Mellon, Barclays, ING, Lloyds Banking Group, State Street and UBS were among its existing backers.\nTokenized assets are creating demand for digital settlement\nBanks are increasing work on tokenization, where conventional assets such as stocks and bonds are represented and transferred through blockchain-based infrastructure.\nMoving securities onto digital networks creates a corresponding requirement for the cash side of transactions to operate on compatible systems. Fnality’s model uses central bank-backed money for wholesale settlement, allowing participating institutions to complete transactions involving digital assets without relying solely on stablecoins or commercial bank deposits.\nIts live sterling system has been used for cases including real-time settlement of tokenized securities through delivery versus payment, foreign exchange transactions using payment versus payment and repo transactions.\nSimilar projects are developing across the banking sector.\nSwift moved its blockchain ledger into deployment in July with 17 global banks preparing to test tokenized deposit payments for round-the-clock cross-border settlement. Participants included HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered.\nThe system coordinates tokenized deposits between banks while retaining existing compliance, risk and control processes. Tokenized deposits are digital representations of commercial bank deposits, meaning the underlying funds remain on the issuing bank’s balance sheet.\nIn August, HSBC and Standard Chartered completed the first live interbank transaction through Swift’s blockchain ledger. The banks connected their separate tokenized deposit systems through the shared network, which matched and netted payment obligations before final settlement occurred through existing banking infrastructure.\nSeventeen banks across six continents are participating in the wider Swift pilot.\nBanks are testing several forms of digital money\nFnality is developing its central bank money model alongside other forms of blockchain-based cash being tested by banks, including tokenized deposits and stablecoins.\nStablecoins are generally issued by companies and backed by reserve assets, while tokenized deposits represent deposits held at commercial banks in digital form. Fnality instead provides wholesale settlement using money linked to central bank balances.\n\n“Multiple models of digital money will co-exist,” Fnality Group CEO Michelle Neal said in an interview. “Our differentiation is that this is regulated wholesale settlement.”\n\nBanks are developing infrastructure around more than one of those models.\nWells Fargo said in August that it planned to launch tokenized deposits for selected corporate and commercial clients, initially supporting U.S. dollar-to-British pound transactions. The bank plans to use blockchain infrastructure for 24-hour transfers, settlement and programmable payments before adding more clients, currencies and countries during 2027.\nJPMorgan, Citigroup, Bank of America and Wells Fargo are separately working through The Clearing House on a shared network that would allow corporate customers to move tokenized deposits around the clock, with a launch targeted for the first half of 2027.\nThe development of digital cash is taking place alongside efforts to put securities settlement on distributed ledgers.\nMitsubishi UFJ Financial Group said in August that four MUFG companies would work with Digital Asset and Progmat on a blockchain settlement test for Japanese government bond repo transactions using Canton Network.\nThe project is designed to synchronize existing JGB book-entry records with blockchain infrastructure, while tokenized deposits or stablecoins are being considered for the cash side of settlement. Japan’s Financial Services Agency selected the project under its Payment Innovation Project pilot program in February.\nFnality’s sterling network uses a different settlement structure by placing central bank-backed money directly within its wholesale payments framework. With its UK system already operating, the company is working through the regulatory process required to extend that structure to dollar and euro payments.\n\n\n\n\n\n                Read more:\n            \n\n                Upbit lists BFC in KRW and USDT markets","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.49.0","shortVersion":"4.49.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2666561383","isCrawlerRequest":true}