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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Banco Santander, Lloyds Banking Group, and UBS have successfully executed the first uncleared bilateral margin payments using a digital representation of central bank funds on the Sterling Fnality Payment System (£FnPS). This milestone demonstrates the potential of a regulated Distributed Ledger Technology (DLT)-based payment system for settling margin in inter-bank derivative transactions, paving the way for future automation and efficiency in margining processes. Fnality aims to expand its network of payment systems globally, with plans for US expansion in 2025, subject to regulatory approval.
Banco Santander, Lloyds Banking Group, and UBS have successfully executed the first uncleared bilateral margin payments using a digital representation of central bank funds on the Sterling Fnality Payment System (£FnPS). This milestone demonstrates the functionality of a regulated Distributed Ledger Technology (DLT)-based payment system for settling inter-bank derivative exposures.The initiative is part of Fnality's broader vision to enhance financial market operations, with potential future applications for cleared margin payments pending regulatory analysis. Additionally, Adhara's MarginBloc technology aims to improve intraday margining processes, further streamlining cash settlement for margin transactions.
Fnality has successfully executed pilot transactions for margin payments using tokenized central bank money, with participation from Lloyds, Santander, and UBS. The platform, backed by over 20 global institutions, aims to support multiple currencies and is exploring cleared margin payments and repo transactions, pending regulatory approval. The initiative highlights the potential of distributed ledger technology in automating bank balance sheet operations.
John Whelan
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British Pound Sterling
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11:08 30.10.2024
British Pound Sterling
Banco Santander, S.A.
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03:41 30.10.2024
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12:20 29.10.2024
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