Fnality is partnering with the DTCC to potentially include its wholesale settlement system as a payment rail in the DTCC Digital Launchpad, the DTCC’s digital asset sandbox. The DTCC runs the world’s largest post trade settlement infrastructure processing $3 quadrillion in annual transactions. Fnality is backed by 20 global institutions, including the DTCC, and provides the Fnality wholesale payments system (FnPS), which facilitates the on-chain settlement of central bank reserves for institutional purposes. So far it is live in Sterling, with a US dollar version currently a work in progress. The availability of cash on chain is critical to enabling the full efficiencies of on-chain delivery versus payment (DvP) and payment versus payment (PvP). Institutions favor central bank money to minimize risk, which Fnality can provide. Fnality described the simulated transactions as involving, “earmarking funds in the Fnality testing environment, onboarding the investor’s account onto DTCC’s ledger, and executing a PvP test transaction that settled instantly.” It used Adhara’s DC Commander to integrate with the bank back office systems. Ownera’s FinP2P was used for routing transactions between separate DLT systems for DvP. Hypothetically, if Fnality adopted the Genius act model in the US, then $FnPS could be available to institutions that don’t have central bank access. Either way, within the next 18 months there’s a reasonable chance that tokenized central bank money will be available to institutions in the United States.