Fnality announced it is partnering with the Depository Trust & Clearing Corporation (DTCC) to potentially include its wholesale settlement system as a payment rail in the DTCC Digital Launchpad, the DTCC’s digital asset sandbox.
The DTCC runs the world’s largest post trade settlement infrastructure processing $3 quadrillion in annual transactions. Fnality is backed by 20 global institutions, including the DTCC, and provides the Fnality wholesale payments system (FnPS), which facilitates the on-chain settlement of central bank reserves for institutional purposes. So far it is live in Sterling, with a US dollar version currently a work in progress.
The availability of cash on chain is critical to enabling the full efficiencies of on-chain delivery versus payment (DvP) and payment versus payment (PvP). Institutions favor central bank money to minimize risk, which Fnality can provide.
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