Fnality International has launched the first phase of its Sterling Fnality Payment System (£FnPS), a distributed ledger technology (DLT)-based wholesale payment system. The system allows banks to transfer British pounds by combining the benefits of blockchain technology with central bank-issued currency. The £FnPS is a collaborative effort between Fnality, UK regulators, and initial bank participants, including Lloyds Banking Group, Banco Santander, and UBS. It operates through an account held by £FnPS at the Bank of England, connecting the network to the UK’s core payments infrastructure.

Fnality aims to revolutionize digital transaction models in wholesale finance and asset tokenization. The CEO of Fnality International, Rhomaios Ram, expressed his excitement about the success of the system’s launch, highlighting the global potential of DLT-based payment systems. The company has a committed group of participant banks and Financial Market Infrastructures ready for onboarding in the coming months, with plans for further functionality expansions.

In a recent funding round, Fnality International raised £77.7 million ($96.4 million) with the participation of financial companies such as Goldman Sachs, BNP Paribas, DTCC, Euroclear, Nomura, and WisdomTree. This funding reflects the increasing interest of the financial sector in blockchain solutions that bridge the gap between traditional and decentralized finance.

Looking ahead, governments worldwide are embracing tokenization for the public good. Tokenization offers improved liquidity, mass adoption, and global accessibility while mitigating cryptocurrency volatility.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇬🇧
Sentiment	very positive
Relevance Score	1
People	Rhomaios Ram
Companies	Banco Santander, UBS, BNP Paribas, Euroclear, WisdomTree, Fnality International, Goldman Sachs, Lloyds Banking Group, DTCC, Nomura, Bank of England
Currencies	British Pound
Securities	None