Fnality International (Fnality) was founded in May 2019 to drive much needed change in the financial services world. What started life as the Utility Settlement Coin (USC) Project, will fast become the network in distributed Financial Market Infrastructures (dFMIs) to support global exchange of value transactions. So transformational is this journey, we already have five currencies in scope: CAD, EUR, GBP, JPY & USD.
The founding shareholders include: Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Bank & Trust, and UBS. Clearmatics, a blockchain R&D company who helped build USC, continues in its role as the technology partner to Fnality. Together, these institutions supported a 'Series A' equity round of £50m in May 2019.
Before Fnality, the USC Project was focussed on finding a more efficient means of international cross-border payments in a future world of tokenised wholesale markets. Building on this work, the focus for Fnality from May 2019 is now to create and deploy a solution that satisfies all the legal, regulatory, operational and technical aspects of a dFMI.
Fnality was born out of the need to transform clearing and settlement processes; enabling Delivery vs. Payment (DvP) in tokenised securities markets, and in the secured funding market enabling instant settlement on a Payment vs. Payment (PvP) basis.