#397: Rhomaios Ram of Fnality

When it comes to the velocity of money in banking in many we are back in the days of the horse and buggy. Whereas communication between banks can move around the world instantly when it comes to transactions most of the banking world is on a two-day settlement window known as T+2. This 48-hour delay means huge liquidity costs for banks.But we are moving to a world of real-time settlement and one of the global leaders in this movement is Fnality. This organization, based in London, was created by a consortium of banks whose goal is to move the banking system to real-time settlement. At our recent event in London I sat down with Rhomais Ram, the CEO of Fnality, to discuss "Increasing the Velocity of Money with Real-Time Settlement."In this podcast you will learn:How the consortium for Fnality first came together.What Fnality is building in layman's terms.Why we live in a T+2 settlement world between banks today.Why banks want to move to a real time settlement world.What are the primary use cases.How a transaction will flow within the Fnality system.How many banks they have on board today.Ram's views on a CBDC and the role of Fnality.The different geographies where they are focused today.How Fnality will make money.The liquidity savings that could be achieved here.An example on how this technology could interface with DeFi.How a financial institution could manage their liquidity.The potential scale of transactions they could hande.Rhom's vision for what this can look like in the future.Connect with Rhomaios on LinkedInConnect with Fnality on TwitterConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes