Company:Fnality International
 | |
| Industry | Financial technology |
|---|---|
| Founded | June 2019 |
| Headquarters | London, United Kingdom |
Key people | CEO: Rhomaios Ram CTO: Adam Clarke CFO: Jan Schoombee COO: Robert Fanshawe General Counsel: Gary Chu Head of Growth: Nicola Els |
| Products | Fnality Global Payments |
| Website | www |
Fnality International is a financial technology firm founded in 2019 by a consortium of international banks and an exchange to create a network of distributed financial market infrastructures (dFMIs) using Blockchain to deliver the means of payment-on-chain for wholesale banking markets.
Overview
Fnality International was launched on 3 June 2019 with the completion of an equity Series A round of £50 million.[1][2][3][4][5][6][7][8][9][10]
The founding shareholders were Banco Santander, The Bank of New York Mellon, Barclays, Canadian Imperial Bank of Commerce, Commerzbank, Credit Suisse, ING Group, KBC Bank, Lloyds Banking Group, Mitsubishi UFJ Financial Group, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation and UBS
Mizuho Bank joined the original group of 14 founding shareholders on 12 September 2019.[11][12]
Fnality International is a member of the Enterprise Ethereum Alliance and the International Securities Services Association (ISSA).
History
During conversations on market structure between Hyder Jaffrey from the UBS Innovation team and Robert Sams, CEO of UK-based Blockchain company Clearmatics, the discussion soon narrowed its focus to the need for an on-chain digital payment asset as an essential part of the infrastructure that will support tokenised markets.
In September 2015, the Swiss bank launched the Utility Settlement Coin (USC) research and development project.
In August 2016, BNY Mellon, Deutsche Bank, Santander, broker/dealer ICAP and the financial services firm NEX (since merged), Barclays, HSBC, State Street, Credit Suisse, MUFG and the Canadian Imperial Bank of Commerce joined the USC project.
Product
Fnality Global Payments will be made up of a series of Fnality Locals which will each run a payment system in a particular currency in accordance with jurisdictional regulations and standards; a Fnality Payments System. In each currency the Fnality Payments System is an independent distributed financial market infrastructure (dFMI) which will operate a private, permissioned distributed ledger to support the creation of a settlement asset for use as an on-chain, digital payment instrument. In respect of a Fnality Payment System, the associated settlement asset is the accounting unit used to digitally represent a participant's ownership over a claim, entitlement or interest in respect of funds held in the system account (the central bank account of the Fnality Payment System). This will be a settlement asset denominated in the fiat currency of the relevant jurisdiction or currency area.
Initially, five currencies are in scope:
CAD Canadian dollar
EUR Euro
GBP Pound sterling
JPY Japanese yen
USD United States dollar
References
- ↑ "Top banks push ahead with digital coins for 2020". Financial Times. https://www.ft.com/content/9fd8e8ea-83e5-11e9-b592-5fe435b57a3b.
- ↑ "Global banks mint digital coin for fast cross-border transfers". The Nikkei. https://asia.nikkei.com/Business/Banking-Finance/Global-banks-mint-digital-coin-for-fast-cross-border-transfers.
- ↑ "UBS-Led Group to Launch Blockchain-Based Trade-Settlement Platform". The Wall Street Journal. https://www.wsj.com/articles/ubs-led-group-to-launch-blockchain-based-trade-settlement-platform-11559554201?mod=searchresults&page=1&pos=1.
- ↑ "Banks launch firm to settle transactions, peer-to-peer, on blockchain". American Banker. https://www.americanbanker.com/news/banks-launch-firm-to-settle-transactions-peer-to-peer-on-blockchain.
- ↑ "Japan banks key to new global digital coin". Asia Times. https://www.asiatimes.com/2019/06/article/japan-banks-key-to-new-global-digital-coin/.
- ↑ "USC launches new cross border payments solution". Asset Servicing Times. http://www.assetservicingtimes.com/assetservicesnews/paymentsarticle.php?article_id=9530.
- ↑ "Thirteen leading global banks are planning to launch cryptos in 2020". Business Insider. https://www.businessinsider.com/leading-global-banks-launching-cryptos-2019-6?r=US&IR=T.
- ↑ "UBS and others to use bitcoin-like token for trade settlement". Financial News. https://www.fnlondon.com/articles/ubs-and-others-to-use-bitcoin-like-token-for-trade-settlement-20190603.
- ↑ "Big banks create Utility Settlement Coin company". Finextra. https://www.finextra.com/newsarticle/33921/big-banks-create-utility-settlement-coin-company/transaction.
- ↑ "Utility Settlement Coin gains £50m backing and moves forward with backing of banks". Global Custodian. https://www.globalcustodian.com/utility-settlement-coin-gains-50m-backing-moves-forward-backing-banks/.
- ↑ "Mizuho Bank joins utility settlement coin project through Fnality shareholding". Global Custodian. https://www.globalcustodian.com/mizuho-bank-joins-utility-settlement-coin-project-fnality-shareholding/.
- ↑ "Mizuho joins list of Fnality shareholders". Institutional Asset Manager. https://www.institutionalassetmanager.co.uk/2019/09/12/278628/mizuho-joins-list-fnality-shareholders.
See also
 |
