In the first part of this article we traced the development of the ‘Utility Settlement Coin‘ – a project that began in 2015 and which has now evolved through the inception of a consortium called Fnality International. Fnality are comprised of a number of the world’s biggest banks including Barclays and UBS, all of whom are shareholders in the scheme. Their objective as stated on the company’s website reads:
Fnality International has been founded to create a network of decentralised Financial Market Infrastructures (dFMIs) to deliver the means of payment-on-chain in tomorrow’s wholesale banking markets.
In practice, what Fnality are seeking to deliver is the construction of a distributed ledger technology based global payment system, one that can ‘facilitate tokenised, peer-to-peer markets‘.
Before we look into this more, let’s examine some of the key figureheads behind the project. First there is the CEO Rhomaios Ram, who for the best part of two decades worked for Deutsche Bank in roles that included European Head of Currencies & Commodities and Head of Transaction Banking in the UK and Ireland. The Chairman of Fnality, Jim Turley, has also worked at Deutsche Bank in various different positions. Outside of commercial banking, Turley once served on the board of the New York Fed Foreign Exchange Committee.
But perhaps the standout name on Fnality’s management team is Daniel Heller, the firm’s advisor on regulatory affairs. Described as an expert in financial sector regulation and financial stability, Heller has a track record of having served at both the Bank for International Settlements and the International Monetary Fund. At the BIS he was head of the Secretariat of the Committee on Payment and Settlement Systems, whilst at the IMF he was the executive director for Switzerland, Poland, Serbia, Azerbaijan, and four Central Asian republics. According to the Peterson Institute, for which Heller is a visiting fellow, Heller’s present research ‘focuses on the impact of emerging digital technologies such as blockchain on the financial sector, financial stability, and central banking.’
Back in September last year, the BIS held a ‘Conference on global stablecoins‘ in which one of the participants was Fnality International who gave a presentation on the day (along with JP Morgan and the Libra Association behind Facebook’s planned digital currency).