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.

Find out more about us

Today, the predominant payment model has an inherent deficit: it is account based. So for every business need, in each location, there are 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 new foundations by establishing a Fnality Payments System (FPS) in each currency. Together these will comprise Fnality Global Payments (FGP).

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

Fnality will establish local, independent decentralised Financial Market Infrastructures (dFMIs) in each currency, each of which will operate a private, permissioned chain as part of a Fnality Payments System powered by a digital settlement asset - USC. 

Fnality-The Catalyst-for-true-peer-to-peer-financial-markets-KM-01-1

The catalyst for true peer-to-peer financial markets

Download document


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

Find out more about us
Click to start the animation
Frequently asked questions

We are building a new payment system that will enable tokenised, peer-to-peer markets. 

Fnality Global Payments (FGP) will comprise a series of national systems, each regulated in its home jurisdiction. We call each of these Fnality Payment System (FPS) 

In each payment system, USC will act as the settlement/payment asset for any Payment (P), Delivery v, Payment (DvP) or payment vs. payment (PvP) need. 


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.


Payment with Fnality means that the contractual obligations are discharged under the local settlement finality statutes or legal arrangements.

Settlement using a Fnality Payment System is final and irrevocable.

The five central banks whose currencies are in the initial scope are aware of our work. 

We completed our research phase in 2019, and as of early 2020 we are working with the Central Banks on the account opening formalities that they require of a new payment system.

Our expectation is that during the course of 2020, we will be given approval by one Central Bank, and subsequently go live with first use cases.

Yes, each local Fnality Payment System will be a regulated payment system in accordance with local laws.

Our expectation is that during the course of 2020, we will be given approval by one Central Bank, and subsequently go live with first use cases.

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

Further currencies will be added in due course.

Our expectation is that during the course of 2020, we will be given approval by one Central Bank, and subsequently go live with first use cases.

From 2021, once we have demonstrated the successful operation of first use cases on the system, there will be four ingredients which we can add to the mix: 

  1. More currencies
  2. More legal entities from the shareholders
  3. More participants, who are not shareholders
  4. More business applications or use cases 

We know what those ingredients are, we just don't know yet how we will mix them and in what order. 

Importantly, there is no requirement to be a shareholder in order to be a participant.  

No. The desired scope of USC as a payment asset 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.

Regarding systemic risk, FGP will reduce reliance on intraday unsecured credit.

Regarding credit risk, FGP will be an enabler for faster settlement. We expect that the availability of FGP will lead to PvP and DvP settlement being possible on an instant basis. If the settlement cycle is compressed the counterpart and credit risk exposures in the balance sheet are reduced.


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

In traditional FMI systems there is highly centralised heavy duty processing, with at least one, if not two heavy duty backup sites.

In a distributed system, the multiple participants provide that backup, with no one participant being significant. The processing power in this system is also provided by this network of participants.

Follow Fnality on LinkedIn or Twitter to keep in touch  twitter  linkedin