Former Bank of England Deputy Governor for Financial Stability Jon Cunliffe has joined blockchain payments company Fnality and will serve as chairman of its U.K. entity. According to ChainCatcher, former Deutsche Bundesbank Director General for Payment and Settlement Systems Jochen Metzger has been appointed to Fnality Europe’s supervisory board and is expected to become chairman, while former Dutch central bank supervision and market infrastructure policy head Ron Berndsen will also join the board.
Fnality operates a wholesale payment system that lets banks settle obligations using central bank money balances. According to ChainCatcher, its pound-denominated system, which is regulated by the Bank of England, launched in 2023, and the company is seeking regulatory approval for dollar and euro versions. Fnality said the system is designed to support tokenized trading of traditional assets such as stocks and bonds by synchronizing securities and payment funds across connected digital networks, with the goal of shortening settlement times and enabling around-the-clock trading.