Former BoE, Bundesbank officials join blockchain payments firm Fnality

Former Bank of England and Bundesbank officials have joined Fnality’s UK and European boards as the bank-backed blockchain payments company prepares to expand its central bank money settlement network beyond sterling. Summary Former BoE Deputy Governor Jon Cunliffe will chair Fnality’s UK board, while former Bundesbank executive Jochen Metzger joins its European supervisory board. Fnality operates a blockchain based wholesale payment system that allows banks to settle obligations using central bank backed money. The company launched its regulated sterling payment system in 2023 and is seeking approvals for dollar and euro versions. Fnality is backed by major financial institutions including Goldman Sachs, UBS, Santander, Bank of America and Citigroup. Fnality said Thursday that former Bank of England Deputy Governor Jon Cunliffe will chair the board of its UK entity, while former Deutsche Bundesbank payments executive Jochen Metzger has been appointed to the supervisory board of Fnality Europe and is expected to become its chair. Ron Berndsen, who previously served as head of oversight and head of market infrastructures policy at De Nederlandsche Bank, is joining the supervisory bo...