Fnality International has recently partnered with the Enterprise Ethereum Alliance (EEF). As a member of Enterprise Ethereum Alliance, it will also work with other members to expand the blockchain technology. EEF is particularly established to advertise blockchain and its standards.
Purpose: Expand Technology across the Community
Fnality International is a blockchain payment project-based company that aims to design a decentralized infrastructure for payments in the field of banking. The Utility Settlement Coin (USC) is also backed by Fnality, now, decided to cooperate with EEF to further stabilize the finance infrastructure based on the most updated technology of the world called the blockchain.
The Chief Technology Officer, Adam Clarke, of Fnality said:
Fnality is all about enabling settlement in tomorrow’s financial market infrastructure. Settlement requires all the parties involved to collaborate and cooperate; the EEA’s role is an essential part of that process and we are excited to work with the EEA and the other members to maximize the value of the new technology across the community.
As per the announcement, Fnality will also work with other industry leaders to promote the best practices of blockchain: open source architecture and open standards of technology as well.
It is also backed by the giant finance companies of the world such as BNY Mellon, Digital Asset, JP Morgan, Broadridge, DTCC, Cognizant, Standard Chartered, and many others globally based firms.
Potential of USC
The Utility Settlement Coin of the company has an aim to mold the current payment system based on the blockchain technology. The global head of custody, Tom Casteleyn, at BNY Mellon Asset Servicing remarked while talking about the potential of USC.
USC will put fiat currency on a blockchain in a way that is unique and frankly better than any other initiative that I have seen in this space.