Distributed ledger settlement firm Fnality is working with the Depository Trust & Clearing Corporation (DTCC) to test its wholesale digital payment system as part of DTCC’s Digital Launchpad platform. The integration supports experiments with near-instant settlement of tokenised assets, using a digital version of central bank money, Finality announced in a press release.
The setup was trialled in DTCC’s “Great Collateral Experiment”, a project designed to explore how tokenised assets can be mobilised and settled in real time. Fnality’s system, FnPS, was used to provide the funding leg of test transactions involving payment-versus-payment (PvP) settlement. The test demonstrated how collateral could be tokenised, transferred, and settled within a closed, blockchain-based environment.
FnPS is designed to enable high-value wholesale payments backed by central bank funds. In this case, it was connected to DTCC’s ledger infrastructure to facilitate atomic settlement, where payment and asset transfer occur simultaneously and irrevocably. DTCC’s test included onboarding investor accounts to the ledger, earmarking funds in the Fnality test environment, and completing instant PvP transactions.
Cross-ledger collaboration
The trial also involved infrastructure providers Adhara and Ownera. Adhara’s DC Commander served as a link between the Fnality system and participant banks, providing real-time visibility across ledgers. Ownera provided the routing tools to manage transaction flows and delivery-versus-payment (DvP) exchanges between different digital systems via DTCC’s AppChain.
The initiative builds on earlier collaboration between DTCC and Fnality, including a 2023 pilot that tested distributed ledger-based DvP settlement. DTCC says the latest test shows how digital payment rails can be connected to its infrastructure to improve collateral movement and operational efficiency. The ability to consolidate liquidity and settle with finality in real time is seen as a potential step towards 24/7 digital market operations.
