Blockchain payments firm Fnality has appointed three former senior central bank officials to leadership positions on its UK and European boards. The moves come as the company prepares to expand its wholesale settlement network into additional currencies.

Jon Cunliffe, who previously served as Bank of England deputy governor for financial stability, will chair the board of Fnality’s UK entity. Jochen Metzger, former director general for payments and settlement systems at Deutsche Bundesbank, has joined the supervisory board of Fnality Europe and is expected to become its chair. Ron Berndsen, who earlier headed oversight and market infrastructures policy at De Nederlandsche Bank, has also joined the European supervisory board.

Cunliffe’s prior responsibilities at the Bank of England included oversight of financial market infrastructure and payment systems. Metzger’s experience centered on payments and settlement policy in Germany, while Berndsen focused on related supervisory and infrastructure matters in the Netherlands. The appointments place deep regulatory and operational expertise at the center of Fnality’s governance as it develops new systems.

Sterling System Already Operational

Fnality operates a blockchain-based wholesale payment system that enables participating financial institutions to settle obligations using funds backed by central bank money. Its sterling payment system launched in 2023 and is regulated by the Bank of England. The network has supported real-time settlement of tokenized securities through delivery versus payment, foreign exchange transactions via payment versus payment, and repo trades.

The company is now seeking regulatory approvals for dollar- and euro-denominated versions of the system. It has established a subsidiary in Eschborn, Germany, to develop the proposed euro payment system. Separately, it has formed Fnality Bank U.S. in Stamford, Connecticut, where it is advancing plans for a dollar system and engaging with U.S. regulators.

Backing from Major Institutions

Founded in 2019, Fnality is supported by a group of large financial institutions that includes Goldman Sachs, UBS, Banco Santander, Bank of America and Citigroup. The company raised $136 million in a Series C funding round in September 2025, with participation from investors including Temasek, Euroclear and Goldman Sachs. That round brought total funding since inception to more than $280 million. Earlier, it secured $95 million in a 2023 Series B led by Goldman Sachs and BNP Paribas.

Fnality positions its infrastructure as a settlement layer for tokenized asset markets and for banks’ activities involving stablecoins and tokenized deposits. Its model relies on central bank-backed money rather than commercial bank deposits or privately issued stablecoins for wholesale settlement.

Banks and market participants continue to test multiple forms of digital cash, including tokenized deposits and stablecoins, alongside efforts to move securities settlement onto distributed ledgers. Fnality’s approach aims to keep central bank money at the core of these new settlement processes as tokenization advances.