Fnality International has appointed three former senior central bankers to its supervisory boards. Jon Cunliffe, the former Deputy Governor for Financial Stability at the Bank of England, takes the chair of Fnality’s UK entity. Jochen Metzger, previously Director General for Payments and Settlement Systems at Deutsche Bundesbank, joins the Fnality Europe supervisory board and is expected to chair it. Ron Berndsen, who led oversight and market infrastructures policy at De Nederlandsche Bank, also joins the Fnality Europe board. All three appointments take effect September 10, 2026.
Fnality is actively pursuing regulatory approvals to launch US dollar and euro versions of its payment system. Its core technology supports atomic delivery-versus-payment and payment-versus-payment settlement, where the asset token and cash token move simultaneously, running 24 hours a day, seven days a week, using actual central bank money rather than commercial bank proxies.
Fnality traces its roots to the Utility Settlement Coin consortium and formally incorporated as Fnality International in 2019. The Sterling Fnality Payment System went live for controlled payments in December 2023, followed by UK settlement finality designation in December 2024, making it the world’s first regulated DLT-based wholesale payment system settling in central bank money. Without settlement finality, the legal enforceability of a transaction can be challenged in insolvency scenarios.
The company’s shareholder list includes Goldman Sachs, UBS, Barclays, Bank of America, Citigroup, BNY Mellon, Santander, DTCC, Euroclear, and WisdomTree. In September 2025, Fnality closed a $136M Series C funding round to pursue the dollar and euro expansions on its roadmap.
The push into euro and dollar markets is occurring alongside broader institutional adoption of tokenized assets. If a bond is tokenized but the cash leg still requires a two-day traditional settlement process, the efficiency gains of tokenization are not realized. Fnality’s system uses central bank money for the cash leg of atomic settlement, positioning it as a settlement layer for tokenized assets.
Two of the three newly appointed board members, Metzger and Berndsen, have direct backgrounds in European monetary institutions, which is relevant to the euro expansion given that regulatory approval from the European Central Bank and relevant national competent authorities is required for a euro-denominated DLT settlement system.