LONDON: Securities settlement house Euroclear said on Monday it had joined a consortium of banks building a payment system for tokenized assets in the latest sign of established institutions teaming up with newcomers in crypto tech. Belgium-headquartered Euroclear said it had bought a small stake in the three-year old consortium Fnality as it moves deeper into distributed
Euroclear has invested in Fnality, the international consortium of global banks focused on building a blockchain-based payment system to support the adoption of tokenised assets and marketplaces.
By Huw Jones LONDON (Reuters) - Securities settlement house Euroclear said on Monday it had joined a consortium of banks building a payment system for.
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The Bank of England in the City of London. Photo: iStock The Bank of England in the City of London. Photo: iStock
The Bank of England (BoE) announced on April 19 a new omnibus account to enable its real-time gross settlement (RTGS) system – which holds accounts for banks, building societies and other financial institutions – to connect to a wider range of payment systems, including those using distributed ledger technology (DLT).
Under the new model, an operator of a payment system can hold money in the omnibus account to fund its participants’ balances with central bank money. This will allow them to offer innovative payment services, while having the security of central bank money settlement.