Deployments · platform by Fnality
Sterling Fnality Payment System (£FnPS)Updated 7 Nov 2026
A wholesale payment system on a distributed ledger in which banks hold and transfer sterling balances fully backed by funds in an omnibus account at the Bank of England. It is a recognised UK payment system with settlement finality designation and has run controlled live payments since December 2023, starting with Lloyds, Santander and UBS; BNP Paribas joined in 2025. Dollar and euro systems are planned.
AnnouncedProof of conceptPilotLive (limited)Live (scaled)
Pilot since 14 Dec 2023[1] — Fnality calls this an initial phase of controlled live payments under limits set by the Bank of England; recorded as pilot until those limits are lifted. No volumes published. · Reviewed today
- Assets
- Networks
- Jurisdictions
- United Kingdom
Participants
- FnalityPlatform provider, Operator, Technology provider[1]United Kingdom
- Bank of EnglandCash leg provider[1]United Kingdom
- Lloyds Banking GroupCounterparty[1]United Kingdom
- Banco SantanderCounterparty[1]Spain
- UBSCounterparty[1]Switzerland
- BNP ParibasCounterparty[2]France
- AdharaTechnology provider[4]United Kingdom
Likely relevant regulation
- Bank of England regime for sterling-denominated systemic stablecoinsUnited Kingdom
- UK cryptoasset regulatory regime (FSMA cryptoasset activities)United Kingdom
Timeline
- Happened 23 Sep 2025 · Announcement · recorded 11 Oct 2026Fnality raises $136 million in a Series C to expand to other currencies and to settle stablecoin and tokenised deposit transactions.[3]
- Happened 28 Jul 2025 · Participant joined · recorded 11 Oct 2026BNP Paribas joins and makes an interest rate swap payment with Lloyds on the system.[2]
- Happened Dec 2024 (month only) · Regulatory approval · recorded 11 Oct 2026The sterling system receives settlement finality designation.[3]
- Happened 14 Dec 2023 · Launch · recorded 11 Oct 2026First live payments, with Lloyds, Santander and UBS as initial participants; the system connects to CHAPS.[1]
Sources
- [1]Fnality commences initial phase of Sterling payment operations in a world-first for both wholesale finance and digital asset markets — Fnality, 14 Dec 2023. Accessed 11 Oct 2026.B
- [2]BNP Paribas joins the £FnPS and completes interest payment swap with Lloyds bank — Fnality, 28 Jul 2025. Accessed 11 Oct 2026.B
- [3]Fnality Raises $136 million (£99.7 million) in Series C Funding — Fnality, 23 Sep 2025. Accessed 11 Oct 2026.B
- [4]Major Banks Settle with Fnality System | Fnality — Fnality, 28 Oct 2024. Accessed 7 Nov 2026.B
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