What we do

Fnality International has been founded to create a network of decentralised Financial Market Infrastructures (dFMIs) to deliver the means of payment-on-chain in tomorrow’s wholesale banking markets.

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Today, the predominant payment model has an inherent deficit: it is account based, so for every business need, in each location, there is one or more accounts with cash and securities positions in multiple places. This not only splinters liquidity but also requires additional support infrastructure.

Fnality will have two areas of focus:

Building the new foundations, by establishing a USC capability in each currency

Coordinating and orchestrating with business applications that want to use this new payment functionality

Fnality will establish local independent deCentralised Financial Market Infrastructures (dFMIs) in each currency who will operate a private, permissioned chain to support the creation of USC as an on-chain, digital asset.

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The catalyst for true peer-to-peer financial markets

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Fnality - The peer-to-peer exchange of digital cash with settlement finality

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Frequently asked questions

A way to move real world assets into a blockchain; converting the rights to assets with economic value (such as currency) into a digital token which can be stored and managed on a blockchain network.


Financial Markets are currently intermediated by Financial Market Infrastructures (FMIs) or Financial Market Utilities (FMUs). These infrastructures exist with the express purpose of providing shared processes that are explicitly designed to reduce cost and various types of operational complexity and risk. Examples are exchanges, clearing houses, and payments systems.


A distributed FMI (dFMI) is a new design of FMI.  It distributes the function of an FMI across the user base, so that users are both consumers and providers of the system.  It is based on the combination of distributed protocols, cryptography and economic mechanism design that meet the principles of FMI guidelines published by BIS.


USC is a digital cash settlement asset.  It is used to settle the tokenised value transactions with finality using a peer-to-peer exchange. Each jurisdiction has its own USC that is 1-1 backed by fiat currency held at the central bank.

 A unit of USC is the same value as its fiat equivalent.  Spending a USC EUR will be the same as spending a EUR.

USC will revolutionise and simplify the clearing and settlement process between institutions providing a massive positive impact on capital efficiency and risk reduction.

Payment with Fnality means that contractual obligations are discharged under law once the payment is made.  Under local finality statutes or legal arrangements, settlement with USC is final and irrevocable.

The five central banks whose currencies are in the initial scope are aware of our work.  We have just completed our research phase, which necessarily could not involve seeking any formal regulatory approval. We will now begin the process to secure the necessary approvals from each local Regulator.

Yes, each local Fnality entity will be regulated by the local Regulator.

USC will provide a regulated and near-term digital cash asset which delivers the digital benefits of crypto-currencies but also carries many of the characteristics of a central bank digital currency; a wholesale digital currency (W-DC).

We expect the first currency to receive regulatory approval in around 12 months and will then connect to the first business applications as soon after that as possible.

Initially, five currencies are in scope: CAD, EUR, GBP, JPY & USD.

Further currencies will be added in due course.

The aim is that within three years USC will be the primary, Central Bank accepted, cross-platform, multi-currency, digital settlement asset.

USC will provide a wholesale digital currency (W-DC).

No. The desired scope of USC is to use it in the Wholesale Markets; exactly which participants in that segment can hold USC will be determined during the regulatory approval process.

Systemic – USC will enable less use of intraday unsecured credit including reducing the reliance on multiple intermediaries

Credit – USC will be an enabler for faster settlement

Using DLT based processes offers risk reduction on both fronts eliminating intermediary risk, balance sheet implications and cost of processes.

Employing a distributed payments system will also make USC more resilient to systemic operational risk than existing payment systems.

To ease transition, we expect to roll out use case by use case in a way that will not require each participant to do the same thing, at the same time or in the same way.

As long as the parties involved are happy to proceed, subject to Fnality approval any asset class could use USC.

USC will be rolled out in manageable bit sized chunks in, lower volume markets i.e, such as margin payments in the uncleared derivatives world, or intra-day margin calls in the cleared world. No “big-bang”.

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