Share this article

UK fintechs Fnality, Nivaura and Adhara have partnered with NatWest and Santander to execute first cross-chain pilot debt transaction on public Ethereum and Fnality Payment System.

The completion of the pilot proof of concept (POC) involves the issuance of a tokenised security on a public blockchain, with the payment leg conducted through a new, DLT-enabled payments system.

Fnality – the fintech firm creating a network of distributed payment systems using blockchain technology – partnered with Nivaura – the fintech firm developing low-code/no-code transaction management workflow automation technology for primary markets – to structure, execute and settle a tokenised primary securities issuance, with the payment leg settled in a test central bank money-backed digital asset.

Fnality also partnered with Adhara – a software company that provides real time, multi-currency, liquidity management and international payment solutions – to facilitate the payment leg via the creation of an Ecosystem TestNet. The TestNet is an early working and live example of how Fnality’s DLT-based payment systems will help facilitate several benefits and use cases, including intraday liquidity savings, end-to-end repurchase agreements, and interbank intraday FX swaps.

It has been adopted alongside Nivaura’s product by Santander and NatWest for the purposes of this POC to demonstrate, in what has traditionally been a time-intensive and manual process, a near-instant solution that structures, executes, and settles trades on a T=0 basis.

Share this article