Major Banks Participate in Fnality’s Sterling Payment System

Financial giants Lloyds, Banco Santander, and UBS participated in blockchain startup Fnality’s Sterling Payment System, marking a significant move in integrating blockchain into traditional finance. Live payments conducted through the system signal a future of digital transactions in both wholesale financial markets and emerging tokenized asset markets. Fnality’s Sterling Fnality Payment System, recognized as a regulated payment system by HM Treasury in August 2022, now falls under the purview of the Bank of England and the UK’s Payment Systems Regulator. Fnality specializes in creating tokenized versions of major currencies, such as US dollars, euros, British pounds, Canadian dollars, and Japanese yen, collateralized by cash held at central banks. (Source: Cryptopolitan)