06.03.2019

Utility Settlement Coin Completes £50m Funding Round

06.03.2019

The Utility Settlement Coin (USC) is moving in to its next phase of maturity with the creation of Fnality International and completion of an associated ‘Series A’ equity round of £50m.

The founding shareholders of Fnality comprise: 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 continues in its role as the technology partner to Fnality.

The goal of earlier stages of the USC project centred on research & development efforts to solve for a more efficient means of international cross border payments in tomorrow’s world of tokenised wholesale markets. At the same time reducing settlement risk, counterparty risk and ultimately system risk in the post-trade settlement process.

With the benefit of earlier work, the focus for Fnality is now to create and deploy a solution incorporating Legal, Regulatory, Operational and Technical aspects, to create a regulated network of distributed Financial Market Infrastructures (dFMIs) to support global exchange of value transactions. Initially, five currencies are in scope: CAD, EUR, GBP, JPY & USD. Further currencies will likely be added in due course.

USC has the potential to transform clearing and settlement processes; enabling Delivery vs. Payment (DvP) in tokenised securities markets, and in the secured funding market enabling instant settlement on a Payment vs. Payment (PvP) basis.

USC envisages being 100% backed by fiat currency held at the respective central bank with convertibility into fiat currency at par guaranteed at all times. In each jurisdiction, the Fnality solution will ensure that settlement is achieved under the local settlement finality laws and regulations.

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.”

Source: Fnality

Pension funds, sovereign wealth funds, endowments and other institutional asset owners are sitting on vast troves of data -- but extracting value from that data is more challenging than ever.

#AssetOwners #DataQuality

Technology costs in asset management have grown disproportionately, but McKinsey research finds the increased spending hasn’t consistently translated into higher productivity.
#AI #Fiance

We're in the FINAL WEEK for the European Women in Finance Awards nominations – don't miss your chance to spotlight the incredible women driving change in finance!
#WomenInFinance #FinanceAwards #FinanceCommunity #EuropeanFinance @WomeninFinanceM

ICYMI: @marketsmedia sat down with EDXM CEO Tony Acuña-Rohter to discuss the launch of EDXM International’s perpetual futures platform in Singapore and what it means for institutional crypto trading.
Read the full interview: https://bit.ly/45xRUWh

Load More

Related articles

  1. MiFID II Prompts Banks to Keep Time

    Institutional demand for sophisticated, secure digital asset products continues to grow.

  2. Buy Side Forced to Review Collateral Arrangements

    David Martin has joined AsiaNext as CEO of derivatives at the institutional digital asset exchange.

  3. MiFID II Prompts Banks to Keep Time

    Perpetual-style futures have gained strong adoption in offshore markets.

  4. SEC, CFTC said registered exchanges can trade spot crypto, including those with margin, leverage or financing.

  5. Regulators are coordinating efforts to facilitate trading of spot crypto on registered exchanges.

We're Enhancing Your Experience with Smart Technology

We've updated our Terms & Conditions and Privacy Policy to introduce AI tools that will personalize your content, improve our market analysis, and deliver more relevant insights.These changes take effect on Aug 25, 2025.
Your data remains protected—we're simply using smart technology to serve you better. [Review Full Terms] | [Review Privacy Policy] By continuing to use our services after Aug 25, 2025, you agree to these updates.

Close the CTA