Fnality becomes one of the first users of Bank of England's "omnibus" account for tokenised cross-border transactions

Fnality, a major financial institution-backed company previously known as the Utility Settlement Coin, has become one of the first users of the Bank of England's "omnibus" account, which was created to promote innovation and competition in payments. The company believes that tokenized Sterling used in cross-border wholesale transactions will revolutionize financial markets, as tokenization offers improved efficiency and enhanced asset utility, eliminating the need for traditional currency. The future marketplace may involve non-fungible tokens bought using fungible tokens, and the need for intermediaries may be eliminated if asset ownership and value can be trusted. Tokenization technologies enable new ways of representing money and greater automation of money transfers, according to Sir Jon Cunliffe, the former Deputy Governor for Financial Stability at the Bank of England.