Rhomaios Ram, the CEO of Fnality, plans to step down, Bloomberg reported. He will remain in his role until the board finds a replacement. Fnality is the payment system backed by 20 global institutions, including BNP Paribas, BNY, the DTCC, Goldman Sachs, Santander, State Street and UBS.
The company launched its Sterling Fnality Payment System last year. It’s designated as a systemically important payments firm, and hence is under the watchful eye of the Bank of England, which has to approve each new use case. Fnality UK has its own CEO, Angus Fletcher. However, there are plans to support multiple currencies, particularly the US dollar and Euro.
It has taken a long time to get to this stage. Ram has been CEO since incorporation in 2019, but Fnality evolved from the Utility Settlement Coin initiative, which started in 2016.
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