Fnality also partnered with Adhara, a software company that provides real-time, multi-currency, liquidity management and global payment solutions to facilitate the payment leg by creating 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 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, enabling participants to accelerate time to market for debt issuances quickly.
NatWest and Santander acted as the two counterparties to the transaction, demonstrating the ability of DLT to streamline both capital markets and payments activity in the future. This pilot transaction is a significant step in adopting digital and automated technologies in the industry and a clear demonstration that UK FinTech is at the leading edge of progress in this space.
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