FNALITY, London operator of new generation Wholesal payment systems is developing a network of payment systems capable of operating continuously and to facilitate the instantaneous regulations of transactions between financial institutions, based on distributed register technology (DLT) and on funds guaranteed by central banks.
The project is part of a structural development of the financial markets, where the tokenization of assets requires rethinking the infrastructures of Cash. Unlike private stable, Fnality offers a form of digital liquidity directly backed by deposits in central banking, and therefore recognized by regulators. In December 2023 FNALITY launched the STERLING FNALITY PAYMENT SYSTEM, the first Wholesal payment system based on DLT recognized as systemic by the British Treasury.
With its model, Fnality approaches the logic of Swift and Target2, but transposed to the tokenized economy and thought for real time. The company aims to connect several currencies, allow Delivery versus Payment (DVP) regulations for token titles, Payment Versus Payment (PVP) for foreign exchange, and to facilitate the repo (reprochase Agreements) market.
Fnality was founded in 2019 and develops its infrastructure in close collaboration with the central banks of the jurisdictions concerned. The company has announced that it has raised 115 million euros in series C from Wisdomtree, Bank of America, Citi, KBC Group, Temasek and Tradeweb, joined by historic investors like Banco Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, NASDAQ, State Street and UBS. The company has raised 282 million euros since its creation.
