Fnality International, the company behind the utility settlement coin project (USC), has joined the Enterprise Ethereum Alliance (EEA), an organisation set up to promote blockchain standards.
As a member of the EEA, Fnality will collaborate with other industry leaders to create a set of Ethereum-based enterprise technology best practices, open standards, and open-source reference architectures.
The organisation is backed by the largest developer community in the world for blockchain technology, including BNY Mellon, Broadridge, Cognizant, Digital Asset, DTCC, JP Morgan, and Standard Chartered, among many others.
“Fnality is all about enabling settlement in tomorrow’s financial market infrastructure. Settlement requires all the parties involved to collaborate and cooperate; the EEA’s role is an essential part of that process and we are excited to work with the EEA and the other members to maximise the value of the new technology across the community,” said Adam Clarke, chief technology officer, Fnality International.
Fnality’s USC initiative is aiming to revolutionise current post-trade processes by facilitating payment and settlement for institutional markets using blockchain technology. The Fnality Payment System will also be an essential enabler for the development of new tokenised assets and the marketplaces that will accompany them.
Fnality was set up by a consortium of financial institutions. The founding shareholders comprise of global investment and custodian banks, including BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, Mizuho Bank, MUFG Bank, State Street Corporation, and UBS.
Speaking to Global Custodian last year, Tom Casteleyn, global head of custody at BNY Mellon Asset Servicing, highlighted the potential of the USC project to transform post-trade processes.
“USC will put fiat currency on a blockchain in a way that is unique and frankly better than any other initiative that I have seen in this space,” Casteleyn told Global Custodian.