UBS, Santander and other Euro Banks team up with Fnality to use blockchain for payments
Lloyds, Santander, and UBS are among the pioneer banks that have joined Fnality's blockchain platform.
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Fnality International, a company focused on creating distributed ledger technology (DLT)-based wholesale payment systems, has initiated the first phase of its Sterling Fnality Payment System (£FnPS). This innovative system allows banks to transfer British pounds, merging the advantages of blockchain technology with the characteristics of central bank-issued currency.
The £FnPS is a collaborative development between Fnality, UK regulators, and initial bank participants, including Lloyds Banking Group, Banco Santander, and UBS. The system operates using an account held by £FnPS at the Bank of England, effectively connecting the network to the UK’s core payments infrastructure.
Fnality has designed its platform to revolutionize digital transaction models in wholesale finance and asset tokenization.
Rhomaios Ram, CEO of Fnality International, expressed:
“Today’s success is a major step in the wholesale payments and digital assets arenas, demonstrating the global potential of Fnality’s DLT-based payment systems. With a committed group of participant banks and Financial Market Infrastructures ready for onboarding in the coming months, alongside an exciting suite of functionality expansions under development, we are solidly on track towards realizing our vision of a seamless global liquidity management ecosystem.”
Recently, Fnality International raised £77.7 million (approximately $96.4 million) in its Series B funding round. The funding round was led by Goldman Sachs and BNP Paribas, with participation from other financial companies such as DTCC, Euroclear, Nomura, and WisdomTree. This initiative reflects the growing interest of the financial sector in blockchain solutions that aim to bridge the gap between traditional and decentralized finance.
Heading into 2024, governments worldwide are embracing tokenization for the public good. Tokenization offers improved liquidity, mass adoption, and global accessibility while mitigating cryptocurrency volatility.