Former Bank of England Deputy Governor Jon Cunliffe has joined blockchain payments company Fnality and will serve as chair of its UK entity, according to Bloomberg. The company is also adding other former central banking officials in Europe: former Deutsche Bundesbank Director General for payments and settlement systems Jochen Metzger has been appointed to the Fnality Europe supervisory board and is expected to become its chair, while former Dutch central bank supervision and market infrastructure policy head Ron Berndsen will also join the board. Fnality runs a wholesale payments system that lets banks settle obligations using central bank money balances. Its sterling system, regulated by the Bank of England, went live in 2023, and the company is now seeking regulatory approval to launch U.S. dollar and euro versions. Fnality said the platform is designed to support tokenized trading in traditional assets such as stocks and bonds by allowing securities and payment funds to move in sync across connected digital networks, reducing settlement times and supporting round-the-clock trading. Founded in 2019, Fnality counts Goldman Sachs, UBS, Santander, Bank of America, and Citigroup among its investors.
Former Bank of England Deputy Governor Jon Cunliffe, who previously oversaw financial stability, has joined blockchain payments company Fnality and will serve as chair of its UK entity, according to Bloomberg.
Fnality is also bringing in other former central bank officials. Jochen Metzger, the former Director General for payments and settlement systems at the Deutsche Bundesbank, has been appointed to the Fnality Europe supervisory board and is expected to become its chair. Ron Berndsen, the former Dutch central bank head of supervision and market infrastructure policy, will also join that supervisory board.
The company operates a wholesale payments system that allows banks to settle debts using central bank money balances. Its sterling system, regulated by the Bank of England, launched in 2023. Fnality is now seeking the regulatory approvals needed to roll out U.S. dollar and euro versions.
Fnality said the system is intended to support tokenized trading in traditional assets including stocks and bonds, allowing securities and payment funds to move simultaneously across interconnected digital networks. The company said this can shorten settlement times and support 24/7 trading.
Fnality was founded in 2019. Its investors include Goldman Sachs, UBS, Santander, Bank of America, and Citigroup, among other large financial institutions.
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