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Fnality is a wholesale payment system built on distributed ledger technology, established by a consortium of commercial banks to provide 24/7 central bank money settlement for interbank high-value payments. Its core mechanism maps participant funds held at the central bank into on-chain digital assets, enabling atomic settlement via smart contracts so that payment and securities delivery occur simultaneously, eliminating settlement risk. The system emphasizes regulatory compliance, interoperability with existing central bank payment infrastructures, and institutional-grade security, making it suitable for repos, securities settlement, and FX transactions.
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About Fnality
Fnality operates a distributed financial market infrastructure network. Its core business is issuing tokenized central bank money, called Fnality Payment Systems (FnPS), where commercial banks deposit funds at central banks and receive 1:1 backed digital tokens for wholesale settlement.
The main market pain point is that traditional payment systems run only during banking hours, cross-border settlement is slow and costly, and counterparty risks are high. Fnality solves this by enabling 24/7 real-time settlement, atomic delivery-versus-payment (DvP) across currencies, and programmable payments, while retaining the safety of central bank money.
Its competitive edge lies in the "tokenized central bank money" design: combining central bank-grade security with blockchain efficiency. Unlike stablecoins, these tokens are fully backed by central bank reserves, making them suitable for institutional use.
In the past six months (Feb-Aug 2026), Fnality advanced its UK Sterling FnPS, which began controlled live operations in late 2023. In April 2025, it completed a proof-of-concept with Broadridge for real-time repo settlement. In June 2026, Fnality participated in the Bank of England's "Immovable and Transferable Assets" experiment. In July 2026, it joined the UK Treasury's Wholesale Digital Markets Taskforce, contributing to industry standards. These milestones show steady progress in regulated DLT-based settlement.
Fnality, a distributed financial market infrastructure network, has evolved through several pivotal milestones. In November 2023, it completed a £77.7 million Series B round led by Goldman Sachs and BNP Paribas, with participation from DTCC, Euroclear, Nomura, and WisdomTree, bringing total funding to £132.7 million. In December 2023, its Sterling Fnality Payment System (£FnPS) launched as the world's first fully regulated DLT-based wholesale payment system, with settlement finality designation granted from December 2024. In September 2025, Fnality raised $136 million in a Series C round led by WisdomTree, joined by Bank of America, Citi, KBC Group, and Temasek, among others, to expand its network across major currencies including USD, EUR, and JPY. The company is now seeking a new CEO to lead its next phase of growth, focusing on cross-border PvP settlement and interoperability with securities settlement systems.
In the past six months, Fnality has made key progress in expanding its global network. In September 2026, the company appointed former Bank of England Deputy Governor Jon Cunliffe as Chair of its UK board, and former Deutsche Bundesbank Director General for Payments and Settlement Systems Jochen Metzger and former De Nederlandsche Bank official Ron Berndsen to the European supervisory board, strengthening its central bank-level governance and regulatory compliance. Currently, its Sterling Fnality Payment System is regulated by the Bank of England and in operation, and the company is actively seeking regulatory approvals in the US and Europe to launch dollar and euro payment systems.
Fnality plans to build a global distributed settlement infrastructure, with one regulated FnPS per currency and jurisdiction, enabling 24/7 real-time settlement, cross-currency PvP transactions, and interoperability with existing financial infrastructures. Its core positioning is to solve the digital asset settlement problem by providing on-chain settlement in central bank money balances, offering a safe and trusted settlement foundation for tokenised asset markets. Future priorities include obtaining regulatory licenses for dollar and euro systems, expanding the participant network, and promoting cross-system interoperability to support the scaling of institutional-grade digital asset markets.
Michelle Neal (CEO): Appointed CEO in March 2025, succeeding founder Rhomaios Ram. Former EVP and Head of Markets at the Federal Reserve Bank of New York, with 20+ years in banking including senior roles at BNY Mellon, Deutsche Bank, and Nomura.
Jan Schoombee (CFO): Serves as CFO since December 2019. Chartered accountant with a master's degree in history, bringing experience from multinational financial services and entrepreneurial ventures.
Rhomaios Ram (Founder & Strategic Advisor): Founded Fnality and served as CEO from May 2019 to February 2025. Former banking executive with 22+ years in wholesale banking, covering sales, trading, product management, and technology.