# Fnality

> Fnality is a London-based financial market infrastructure company building a network of regulated, blockchain-based wholesale payment systems that let banks settle transactions in a digital representation of central bank money. Its Sterling Fnality Payment System (£FnPS), launched in December 2023, is the world's first regulated distributed-ledger-technology wholesale payment system. Backed by a consortium of more than 20 global banks and market infrastructures, Fnality aims to enable 24/7 real-time, atomic settlement for tokenised asset markets, FX and repo, extending beyond Sterling into US Dollar, Euro and other currencies.

- **Founded:** 2019
- **Headquarters:** London, United Kingdom
- **Founders:** Rhomaios Ram (Founder (former CEO, now strategic advisor); ex-Deutsche Bank executive)
- **Team size:** ~85-92 employees
- **Products:** Sterling Fnality Payment System (£FnPS), Fnality Payment Systems (FnPS) network, Earmarking / Programmable Money, US Dollar & Euro Payment Systems
- **Notable:** Launched the world's first regulated DLT-based wholesale payment system (Sterling FnPS) in December 2023., Raised over $300M in total funding across three rounds from many of the world's largest banks., Assembled a consortium of 20+ global systemically important financial institutions as shareholders and participants.

## Products & services

- **Sterling Fnality Payment System (£FnPS)** — The world's first regulated, distributed-ledger-technology-based wholesale payment system, settling in a digital representation of funds held at the Bank of England. Commenced controlled live payments in December 2023.
- **Fnality Payment Systems (FnPS) network** — A network of currency-specific payment systems, each supervised by its respective central bank, running on a private Ethereum-based distributed ledger with encrypted node communication and private-key signed transactions.
- **Earmarking / Programmable Money** — A feature that sets aside ('earmarks') funds for a specific purpose, enabling programmable, conditional settlement such as delivery-versus-payment for tokenised securities and on-demand FX payment-versus-payment.
- **US Dollar & Euro Payment Systems** — Planned currency expansions to build a global network of regulated on-chain wholesale settlement, pending regulatory approvals.

## Achievements

- Launched the world's first regulated DLT-based wholesale payment system (Sterling FnPS) in December 2023.
- Raised over $300M in total funding across three rounds from many of the world's largest banks.
- Assembled a consortium of 20+ global systemically important financial institutions as shareholders and participants.
- Evolved the industry's 'Utility Settlement Coin' concept into a live, regulated production system.
- Recognised by HM Treasury as a systemically important payment system.

## Latest updates

- **2025-09** — Raised $136M (£99.7M) Series C led by WisdomTree, Bank of America, Citi, KBC Group, Temasek and Tradeweb to scale infrastructure, fund product development and seek regulatory approvals in new markets.
- **2025-03** — Michelle Neal, former head of the markets group at the Federal Reserve Bank of New York, appointed CEO; founder Rhomaios Ram transitions to strategic advisor.
- **2024** — Introduced earmarking / programmable money capabilities to support delivery-versus-payment settlement of tokenised securities and on-demand FX.
- **2023-12** — Sterling Fnality Payment System commenced controlled live payments - a world-first for wholesale finance and digital asset markets.

## Links

- Website: https://fnality.com
- LinkedIn: https://www.linkedin.com/company/fnality
- Twitter/X: https://twitter.com/fnality

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Profile page: https://yespress.io/fnality
Published by YesPress — https://yespress.io
Last updated: 2026-07-21