Fnality Explores Integration of Its Cutting-Edge Payment Rail with DTCC Digital Launchpad

Fnality’s digital wholesale payments system delivers the payment leg for DTCC’s new platform, enabling real-time, secure settlement in tokenized collateral markets

London, 17.06.2025 – Fnality has today announced it is collaborating with the Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, on the potential integration of the Fnality wholesale payments system (FnPS) as a payment rail within the Digital Launchpad, a new environment unveiled by DTCC to support the testing and advancement of emerging digital assets technologies on their path to production. This marks a major step forward in building institutional-grade infrastructure for digital asset markets, enabling secure, on-chain Payment versus Payment (PvP) and Delivery versus Payment (DvP) settlement using a digital representation of funds held at the central bank.

Fnality delivers a wholesale payment system that enables the use of an asset with the credit characteristics of central bank money, providing the trust and finality of settlement required for regulated institutions to scale activity in tokenized financial markets. By integrating Fnality’s system with DTCC Digital Launchpad asset transfers and payments can be executed atomically and in real-time within a secure and resilient environment. It also enables users to consolidate liquidity into a single, unified pool, leading to more efficient operations, enhanced intraday liquidity management, and a clear progression toward a fully digital capital markets infrastructure.

DTCC’s Great Collateral Experiment, which was hosted on DTCC Digital Launchpad, demonstrated how tokenized assets can be effectively mobilized as collateral, with FnPS enabling real-time funding and settlement in the test environment. The process included earmarking funds in the Fnality testing environment, onboarding the investor’s account onto DTCC’s ledger, and executing a PvP test transaction that settled instantly funds in the Fnality testing environment, onboarding the investor’s account onto DTCC’s ledger, and executing a PvP test transaction that settled instantly.

DTCC’s Great Collateral Experiment also brought together a diverse cross-section of financial market assets and participants, including Fnality’s partners, Adhara and Ownera. In this use case, Adhara’s DC Commander facilitated the integration with participant banks’ back-office systems and enabled them to see their positions across ledgers in real time, while Ownera provided the routing technology that orchestrates the seamless exchange of information and DvP between ledgers.

Michelle Neal, CEO at Fnality International said: “Our collaboration with DTCC goes back to 2023, when we jointly demonstrated a DLT-based model for atomic, real-time DvP settlement. This collaboration has expanded to DTCC’s Digital Launchpad initiative and demonstrates how an on-chain representation of central bank reserves can unlock the full value of institutional tokenized assets. This is a critical step towards realizing our vision for frictionless, 24/7 wholesale financial markets, where tokenized assets can move instantly, securely and with finality. As more institutions embrace tokenization, Fnality is committed to supporting a robust and interoperable ecosystem that bridges traditional finance and digital innovation, enabling smarter liquidity management and a new era of capital markets efficiency.”

Dan Doney, Chief Technology Officer Digital Assets at DTCC said: “As the financial industry unlocks the potential of blockchain in the market, initiatives like DTCC’s Great Collateral Experiment demonstrated the power of unified rails for cash and securities transactions. Fnality’s central bank-backed payment system brings the level of trust, finality and programmability required to support real-time, atomic settlement. The collateral use case also demonstrated the power and potential of open, interoperable platforms to enhance collateral mobility, drive operational efficiency and lay the foundation for a truly digital-first financial ecosystem.”

Peter Munnings, COO at Adhara said: “DTCC’s Great Collateral Experiment once again demonstrated how DC Commander can provide out-of-the-box functionality to help banks manage tokenized cash liquidity and seamlessly implement new intraday flows.”

Ami Ben David, Founder and CEO of Ownera said: “It was an absolute pleasure collaborating with DTCC, Fnality and Adhara on The Great Collateral Experiment. Ownera is focused on interconnecting the tokenized market and this includes mobilizing collateral at a market-wide level. We believe that Ownera’s ability to transfer DTCC-held collateral from traditional systems to digital rails, and to orchestrate its movement between market participants and across diverse ledger technologies using DTCC’s AppChain and Digital Launchpad infrastructure, represents a transformative step forward for the financial industry.”

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Media Contact

The PHA Group – fnality@thephagroup.com

About DTCC

With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 21 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2024, DTCC’s subsidiaries processed securities transactions valued at U.S. $3.7 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $99 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 25 billion messages annually.

To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook and Instagram.

About Fnality

Fnality is developing a series of regulated DLT-based wholesale payment systems. Each system, known as a Fnality Payment System (FnPS), is supervised by its respective central bank.

Within a FnPS, participants utilize a digital representation of funds held at the central bank for instant wholesale payments. The launch of FnPSs in key jurisdictions will enable many benefits, such as real-time cross-currency payments and the secure atomic settlement of any delivery versus payment transactions around the clock. The credit quality of the central bank funds underpinning Fnality Payment Systems provides the missing ingredient for novel digital asset markets: institutional-grade digital cash.

In December 2023, the Sterling FnPS, previously recognised by HM Treasury as a systemically important payment system, commenced controlled live payments. Joining a handful of other regulated payment systems in the UK, it became the world’s first regulated DLT-based wholesale payment system, settling with a digital representation of funds held at the central bank. From December 2024, the £FnPS has been granted settlement finality designation.

Fnality’s shareholders comprise: Banco Santander, BNY Mellon, Barclays, BNP Paribas, CIBC, Commerzbank, DTCC, Euroclear, Goldman Sachs, ING, KBC Group, Lloyds Banking Group, Mizuho Financial Group, MUFG Bank, Nasdaq Ventures, Nomura, Sumitomo Mitsui Banking Corporation, State Street Corporation, UBS and WisdomTree.

For more information, please visit fnality.com

About Adhara

Adhara is a leading software company that provides real-time, multi-currency, liquidity management and international payment solutions. Adhara’s platforms deliver certainty by atomically clearing and settling tokenized fiat transactions over enterprise-grade, smart contract-enabled distributed ledgers, benefiting commercial banks, their corporate clients, central banks, exchanges and international payment. Together, Adhara’s components provide comprehensive liquidity management capabilities for payments, market making and funding solutions, helping to manage FX risk and leverage global liquidity (on a network) in real-time. Adhara has a global reach with development hubs in Spain & South Africa and business bases in the UK and Singapore. Its diverse team has decades of experience across commercial banking technology, capital markets, blockchain and product design & development – including an Engineering team with excellence in cryptography, enterprise systems and end-user app development.

For more information, visit  www.adhara.io

About Ownera
Ownera is a technology company bringing interconnectivity solutions to the world of tokenized assets. Ownera’s routers enable global distribution and liquidity by connecting tokenized assets distributed by sell-side institutions to buy-side demand. The routers facilitate the negotiation, orchestration and settlement of transactions between the counterparties and their various regulated service providers including custodians, broker dealers, transfer agents, cash providers, lenders and others. Ownera’s routers implement the open FinP2P protocol originally pioneered by the company.

For more information, visit www.ownera.io