Former Central Bank Officials Join Fnality's Governance Structure
Fnality, a bank-backed blockchain payments company, has announced the addition of three former central bank officials to its governance structure. Jon Cunliffe, a former Bank of England Deputy Governor, will chair Fnality's UK board, while Jochen Metzger, a former Deutsche Bundesbank executive, joins its European supervisory board as expected chair.
The appointments come as Fnality works to expand its central bank money settlement network beyond sterling. The company operates a blockchain-based wholesale payment system that allows participating financial institutions to settle obligations using funds backed by central bank money.
Fnality's live sterling system has been used for cases including real-time settlement of tokenized securities through delivery versus payment, foreign exchange transactions using payment versus payment and repo transactions. The company is now seeking regulatory approvals for dollar- and euro-denominated versions of the network.