Fnality Blockchain

Capital Markets
Fnality Blockchain header

Fnality Blockchain

Capital Markets

Consortium for Digital Cash & Settlement

United Kingdom, London
2019
Year of establishment
Active
Status

About

Hi we’re Fnality Blockchain!


Fnality International (Fnality) is a consortium initiative led by 14 global banks that was founded in May 2019 to drive much needed change in the financial services world. The project before was initially called Utility Settlement Coin, started by Swiss bank UBS and supported by 13 other global banks. Before Fnality, the USC Project was focused on finding a more efficient means of international cross-border payments in a future world of tokenized 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. With Fnality as its catalyst, USC envisages being 100% backed by fiat currency held at the respective central bank with convertibility into fiat currency at par guaranteed at all times.

Technology: Clearmatics’ blockchain architecture for Fnality is a private version of Ethereum called Autonity. A distributed state transition system, where all participants on the chain keep a continually updated record of the blockchain’s full state, is essential to ensure the system’s resiliency. Interoperability is vital because the USC will be used to settle transactions on a variety of blockchain platforms. For example, a bond issuance developed on the Corda network might use USC for payments, but USC exists on its own separate network. This necessitates an “atomic swap” between the two networks.

Milestones: Fnality International marks the commercial stage of a process that began in 2015 when UBS and tech firm Clearmatics floated the USC model for international cross-border payments. In 2019, Fnality International developed their own brand, raised $63.2 M in funding, and has partnered with 14 major global banks to revolutionize the international payment system.

Key objective

Reimagine financial markets by building on the USC (Utility Settlement Coin) vision.

Slogan / Motto

The catalyst for true 'peer-to-peer' financial markets

Use cases

Clearing & Settlements
Post-Trade

Team

Team members

Gary Chu General Counsel

Responsibilities

Gary combines legal excellence with a deep understanding of business, technology and policy drivers to deliver first rate advice. Before joining Fnality International, Gary practised law at a global investment bank and at leading firms in England and Australia. His work in FinTech has
been recognised by FT Innovative Lawyers Awards Europe and Legal500 UK. He holds a law degree from The University of Melbourne, as well as qualifications in finance and music.

Olaf Ransome CCO

Responsibilities

Olaf is an expert-generalist in Financial Services matters. He brings a wealth of experience of the full front-to-back and end-to-end impact of bank operations. He is able to identify the target operating model and design the business architecture to deliver optimal processes and customer experience; building the best processes; delivering on the three key dimensions of operations: Control, Capacity and Cost.

Robert Fanshawe CPO

Responsibilities

A highly driven entrepreneurial People & Talent leader with global experience delivering HR solutions for listed and scale-up companies across Ad-Tech, FinTech and HR-Tech, one of which he founded. Rob's mission is to help people and opportunity meet. He is focussed on driving business results for Fnality through hiring, engaging and helping develop the best talent in the market who are passionate, smart and bring with them a learning mindset.

Rhomaios Ram Chief Executive Officer

Responsibilities

A former Banking Executive with 22+ years of experience, including most recently Global Head of Product Management for Transaction Banking at Deutsche Bank, Rhom has developed an interest in creating digital businesses for finance and finance related areas. He brings experience of working across a wide variety of wholesale banking businesses and functions including sales, trading, product management, and technology to his role at Fnality. The majority of his experience has been developing businesses where the product is at the intersection of finance and technology.

Jim Turley Chairman

Responsibilities

Jim spent his banking career with Deutsche Bank, and before that Bankers Trust, in both Tokyo and London. Most recently he was Global Co-Head of Group Technology and Operations at Deutsche Bank. From 2011 – 2013 Jim held the position of Deutsche Bank’s Global Chief Operating Officer for Transaction Banking, having previously held senior cross asset sales and trading management positions within the Global Markets Division. Jim served on Deutsche Bank’s Executive Committee as COO, was on the Group Operating Committee and also chaired the Global Markets Culture Committee. In addition, Jim has served on the board of the DTCC and the NY Fed Foreign Exchange Committee. He brings a wealth of leadership experience across Operations, Technology, Risk, Legal and Finance.

James Coltman Chief Financial Officer

Responsibilities

James brings deep practical experience in multiple disciplines ranging from digital transformation, corporate strategy, organisational design, programme delivery, corporate finance and emerging technologies such as machine learning to his role at Fnality. Broad geographic experience including Europe, North America and Asia.

Adam Clarke Chief Technology Officer

Responsibilities

Adam has 18+ years experience working with corporates and start-ups in technical roles from developer to CTO. He has worked as an architect in several large investment banks focussing on treasury. With a
particular interest in progressing technology in new and interesting ways, specifically providing solutions that are scalable, reliable and decentralised, he has experience of building operations teams to support such systems.
He brings knowledge from a number of industry sectors including banking, insurance and retail.

Customers / Partners

Products

News

Fnality boss expects the ‘starting gun’ soon for the project formerly known as Utility Settlement Coin

Quick TakeThe CEO of Fnality expects central banks to clear the way for DLT-based payment systems by the end of the year. A lack of regulatory clarity has delayed Fnality’s launch. The project’s developers say calling it a “coin” confuses the issue.


7 months ago


Product update/release
Fnality Blockchain

Fnality won’t launch global blockchain payments solution this year

Today Reuters reports that Fnality, backed by 15 global financial institutions, will launch its wholesale stablecoin next year at the earliest. Fnality prefers to call itself a payment system and moved away from its previous branding of the Utility Settlement Coin. The aim of the payment solution is to enable on-chain settlement between financial institutions using...


8 months ago


General news
Fnality Blockchain

Bank-backed stablecoin project Fnality celebrates first anniversary

Fnality is pleased to announce its one-year anniversary in its drive to enable peer-to-peer markets.


a year ago


General news
Fnality Blockchain

Fnality adviser: wholesale CBDCs not in central banks’ DNA

Olaf Ransome, industry solutions adviser for Fnality, has shed light on the feasibility of wholesale...


a year ago


General news
Fnality Blockchain

Fnality adviser: Wholesale CBDCs need more than just a central bank

Olaf Ransome, industry solutions adviser for Fnality, has shed light on the feasibility of wholesale...


a year ago


General news
Fnality Blockchain