Fnality, the company that enables wholesale DLT settlement using tokenized central bank money, has announced the appointment of three former central bankers to group subsidiaries, one from the UK and two from Europe. This means it has ex central banker representation in its three current target jurisdictions, the UK (live), US and EU. Fnality’s strategy from the early days has been to provide wholesale settlement in multiple currencies, enabling institutions to make payments and move money around the world 24/7.
The appointments come at a critical time. Stateside, Fnality’s US subsidiary received an 18-month interim approval as a state chartered innovation bank in April 2025, with a hearing for an extension scheduled for next week. In Europe, the Eurosystem’s wholesale DLT infrastructure, Pontes, launches in two weeks. Since the late 2023 launch of the Fnality UK offering (£FnPS), it has only publicly onboarded four banks, Lloyds, Santander, UBS and BNP Paribas, a small subset of its 24 global institutional backers. A US approval could change the rollout scale.
Sir Jon Cunliffe, former Deputy Governor for Financial Stability at the Bank of England, becomes Chair of Fnality UK. The two European appointments go to a newly formed supervisory board at Fnality Europe, the subsidiary preparing the euro system. Jochen Metzger, who ran payments and settlement at the Bundesbank and helped build TARGET2, T2S and TIPS, is expected to chair it. He is joined by Ron Berndsen, formerly head of oversight at De Nederlandsche Bank and now chair of the risk committees at LCH Ltd and LCH SA. That’s commercially relevant given that collateral was one of the first use cases for £FnPS.
The US leg is covered by existing leadership rather than new board hires. Michelle Neal, the Group CEO, worked at the Federal Reserve Bank of New York before joining Fnality in late 2024. David Eisner, formerly with the US Treasury, has chaired Fnality International since early 2023.
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