Former BoE and Bundesbank Officials Join Fnality’s UK and European Boards

Fnality, a blockchain‑based wholesale payment platform backed by major banks, announced the addition of three former central‑bank officials to its leadership. Jon Cunliffe, former Deputy Governor for Financial Stability at the Bank of England, will chair the UK board, while Jochen Metzger, former director general for payments and settlement at the Deutsche Bundesbank, joins the European supervisory board and is expected to become its chair. Ron Berndsen, formerly of De Nederlandsche Bank, also joins the European supervisory board.

Strategic Expansion of the Network

The appointments come as Fnality seeks regulatory approval to launch dollar‑ and euro‑denominated versions of its payment system, building on the regulated sterling network that began operating in 2023. The platform enables participating financial institutions to settle obligations using central‑bank‑backed money on a blockchain ledger.

Funding and Backers

Fnality was founded in 2019 and is supported by a consortium of banks and market‑infrastructure firms, including Goldman Sachs, UBS, Banco Santander, Bank of America and Citigroup. The company raised $136 million in a Series C round in September 2025, bringing total funding since inception to over $280 million.

Industry Context

Tokenized assets are driving demand for digital settlement solutions that can handle cash on a blockchain. Fnality’s model differs from stablecoins and tokenized deposits by using money directly linked to central‑bank balances for wholesale settlement. Similar initiatives are underway at SWIFT, major banks, and other consortiums exploring tokenized deposits and stablecoins.

Key Statements

Fnality Group CEO Michelle Neal emphasized that multiple digital‑money models will coexist, with the firm’s regulated wholesale settlement offering a distinct approach.