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.
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