The Utility Settlement Coin (USC) has launched Fnality International, a new solution that aims to increase the efficiency of international cross border payments.
The solution incorporates legal, regulatory, operational and technical capabilities, to create a regulated network of distributed financial market infrastructures.
It supports the global exchange of value transactions to ultimately reduce settlement risk, counterparty risk and system risk in the post-trade settlement process.
Fnality International will enable delivery versus payment in tokenised securities markets, and will allow instant settlement on a Payment versus Payment basis.
The founding shareholders of Fnality include Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation, and UBS.
Clearmatics will continue in its role as the technology partner to Fnality.
Rhomaios Ram, CEO of Fnality, said, “We are delighted to launch Fnality, the commercial realisation of the USC Project. Working with our founding shareholders, we will start the regulatory approval process right away and look forward to connecting to the first business applications as soon as possible.”
He added: “USC will be an enabler for tokenised markets and also offers a significant opportunity to simplify liquidity management using one cash asset for as many settlement needs as possible.”
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