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About Fnality
Fnality is a DLT settlement network for wholesale payments, backed by international banks and issuing wholesale stablecoins such as the Sterling FnPS pegged 1:1 to fiat, aimed at real-time gross settlement between banks and institutions. It addresses the reliance on correspondent banking and delayed clearing in cross-border and wholesale payments, where institutions cannot settle directly in central-bank money on-chain. Its mechanism places fiat tokens whose reserves sit in central-bank accounts on a regulated distributed ledger, with deterministic settlement logic guaranteeing payment finality; the sterling system already runs in controlled production while the dollar and euro systems remain outside regulatory approval.
Fnality's expansion hinges on central-bank and regulatory acceptance in each jurisdiction, and the dollar system had still not launched as of mid-2026. In September 2026 it named former Bank of England deputy governor Jon Cunliffe as chair of its UK board, betting governance on a multi-currency network.
Fnality traces back to the Utility Settlement Coin consortium led by UBS in 2015. In June 2019, 14 banks put in GBP 50 million ($63.2 million) to create Fnality International, with Rhomaios Ram as CEO, aiming to settle wholesale payments directly in central bank money.
In August 2022 HM Treasury recognised it as a systemically important payment system. A $95 million Series B led by Goldman Sachs and BNP Paribas closed in November 2023, and on December 14, 2023 the Sterling FnPS began controlled live payments - the world's first regulated DLT-based wholesale payment system.
It secured settlement finality designation in December 2024. In March 2025 former New York Fed official Michelle Neal became group CEO; on September 23, 2025 it raised $136 million in Series C led by WisdomTree, Bank of America, Citi, KBC, Temasek and Tradeweb, with Goldman, UBS and DTCC returning.
Dollar and euro systems remain outside the gate: Fnality is seeking a Connecticut innovation bank charter and a Federal Reserve joint account, with a public hearing held in March 2025, and has set up Fnality Europe in Eschborn. As of mid-2026 the dollar system had still not launched.
On September 10, 2026, it named former BoE deputy governor Jon Cunliffe as chair of its UK board, with former Bundesbank and Dutch central bank officials joining the Fnality Europe supervisory board - betting governance on a multi-currency network whose central bank acceptance and commercial volume are still unproven.
In April 2026 Fnality secured an 18-month interim innovation bank approval in Connecticut, paving the way for a dollar payment system; earlier in the year Lloyds completed a tokenised sterling delivery-versus-payment trade against digital gilts. Governance also shifted, with former Bank of England deputy governor Jon Cunliffe chairing Fnality UK's board and Jochen Metzger, formerly the Bundesbank's payments and settlement head, joining Fnality Europe's supervisory board as incoming chair. A $136 million Series C in September 2025 was led by WisdomTree, Bank of America, Citi, KBC, Temasek and Tradeweb, taking total funding past $280 million from 24 bank and market-infrastructure shareholders; the dollar system had still not launched by mid-2026, pending a Federal Reserve joint account and charter approvals. Future strategy and roadmap: sit beneath tokenised assets as the central-bank-money settlement layer, extending sterling delivery-versus-payment and repo first before launching euro and dollar systems; next, connect more stablecoin and deposit-token issuers and replace correspondent chains with real-time atomic settlement.
Fnality's moat is its shareholder list, not its technology: among 20 shareholders sit DTCC, Euroclear, Goldman Sachs, UBS, State Street and MUFG, and the sterling system has been designated systemically important by HM Treasury as the first regulated DLT payment system, turning clearers and custodians into access points no newcomer can replicate. The dollar system is gated by the Federal Reserve's payment account framework rather than the Connecticut innovation bank charter: the skinny account proposed in February 2026 caps overnight balances and bars overdrafts and reserve interest, so approval buys a pipe, not a pool. Deepening gilt delivery-versus-payment and repo before the euro system is how it proves unit economics while regulation lands.
Michelle Neal, Group Chief Executive Officer, holds a BSBA in Finance from Suffolk University's Sawyer School of Management; she headed the Markets Group at the Federal Reserve Bank of New York and ran the markets line at BNY Mellon, taking the helm in 2023 and building out the multi-currency team.
Rhomaios Ram, Founder and Strategic Advisor, comes from the wholesale banking line with 22 years of traditional banking experience; he ran the Utility Settlement Coin project from 2017, founded Fnality as its first CEO and has moved to an advisory role.
Jan Schoombee, Group Chief Financial Officer, is a chartered accountant with a master's degree in history and more than 20 years across banking, insurance, payments and fintech; he owns financial strategy and the growth agenda.
Simone Cortese, Chief Program Officer, brings over ten years across fintech, capital markets and academic research and helped form Fnality; he leads strategy and the roadmap for its wholesale payment systems.
Gary Chu, General Counsel, holds a law degree from the University of Melbourne and practised at a global investment bank and law firms in England and Australia; his fintech work has been recognised by the FT Innovative Lawyers Awards Europe.
August 2022, HM Treasury recognised Fnality's sterling system as a systemically important payment system; in December 2024 the Bank of England granted settlement finality protection to it, the first such designation for a distributed ledger wholesale payment system.