The Settlement Computer
NETTA nets obligations multilaterally — across participants, currencies and corridors — and settles only the residual, backed just-in-time by each participant’s own settlement bank. Non-custodial. No FX execution. ISO 20022 CBPR+ native.
The Founder and three independent non-executive directors
Drawn from the institutions that built the current generation of post-trade and settlement infrastructure. How the Foundation is governed →
Founder of NETTA. More than twenty years delivering settlement and trading technology into Tier-1 banks.
Full biography
Vincent Scaturchio founded NETTA and is the inventor of its patent estate and the architect of its five-domain settlement stack. Before NETTA he spent more than twenty years delivering settlement and trading technology into Tier-1 banks. He is a director of FiatRails Foundation Ltd, FiatRails Holdings Ltd and FiatRails Settlement Ltd.
Former President of Clearing Agency Services and Head of Global Business Operations, DTCC.
Full biography
Murray Pozmanter served as President of Clearing Agency Services and Head of Global Business Operations at The Depository Trust & Clearing Corporation, with responsibility over sixteen years for the clearing and settlement infrastructure at the centre of the US capital markets: DTC, NSCC and FICC, the netting utilities of the US securities market. He joined the Foundation’s board in June 2026.
Former Group Chief Executive Officer, Al Rajhi Bank; former Group Executive Director, Standard Chartered.
Full biography
Steve Bertamini was Group Chief Executive Officer of Al Rajhi Bank and, before that, Group Executive Director at Standard Chartered. He joined the Foundation’s board in July 2026.
Led the legal working party that built ECHO, the multilateral FX netting system acquired by CLS in 1997; former General Counsel and Managing Director, LCH.Clearnet Group.
Full biography
Iona Levine led the legal working party that built ECHO, the multilateral FX netting system acquired by CLS in 1997, and was General Counsel and Managing Director of LCH.Clearnet Group. She joined the Foundation’s board in September 2026.
Multilateral netting reaches 18 currencies. Everything else nets bilaterally, or not at all.
Multilateral net settlement is the most efficient arrangement in payments, and it is confined to one perimeter. CLS settles 18 currencies, none added since 2015, for more than 75 settlement members and some 35,000 third parties, averaging around US$8 trillion a day on its own published figures, and reduces funding requirements by around 96% inside that perimeter on its reported basis. Beyond those 18 currencies, what exists is bilateral. CLS’s own netting-calculation service spans more than 120 currencies for 121 committed banks and reports a 43% funding reduction in its published case study — against around 96% for multilateral settlement inside the core. That gap is architectural, not operational. Bilateral netting can only offset what two parties owe each other, and a calculation service produces a number without settling it, so the benefit realised still depends on each participant’s own payment arrangements. Beyond both, the Bank for International Settlements estimates that US$1.25 trillion a day of foreign exchange settles with no payment-versus-payment protection at all.
The standard-setters have already named the answer. The FX Global Code, maintained by the Global Foreign Exchange Committee and the central banks behind it, asks participants to reduce settlement risk as much as practicable, and records that netting of settlement obligations “may be bilateral or multilateral”. It then sets out operational procedure for the bilateral case only. The multilateral rail the Code contemplates is undefined, not disfavoured.
NETTA is currency-agnostic by design. The protocol nets multilaterally across the ISO 4217 currency universe rather than a fixed list. A corridor opens wherever a licensed settlement institution on each side will counter-attest, so the constraint is the willingness of settlement institutions, not the architecture. Eleven corridors are exercised on testnet as demonstration, not as the limit.
Gross settlement means pre-positioned liquidity. Nostro buffers run two to three times daily need in major currencies and five to ten times in volatile emerging-market currencies, on industry estimates, and every transaction carries T+2 to T+5 of exposure. The result is trapped capital, warehoused FX risk and structurally weak return on equity, even where volumes are strong.
Compress obligations. Settle only the residual.
- Record. Obligations are submitted by API or ISO 20022 while the corridor's netting window is open.
- Reference-price. Each obligation is valued at a reference rate fixed when it is recorded; the protocol never executes FX.
- Net. At window close the multilateral net position of every participant is computed on the ledger; positions offset across corridors only where they share a settlement currency.
- Settle. Each net position is executed by the participant's own licensed settlement institution over its existing rails, backed just-in-time by its counter-attestation. Technical execution is atomic; settlement finality and the enforceability of the net are subject to per-corridor legal opinions.
Exercised on a dedicated test network. All figures are from the Lagrange testnet on generated test flow, as at September 2026. Participant profiles are synthetic. No production traffic.
Pilots run in fiat-only mode: the net position settles in fiat over conventional rails and no digital settlement asset is required. Settlement model →
Net exposure, your own settlement bank, existing rails
Outbound, your cash stays in normal operational use until the settlement instant; pre-positioned liquidity is eliminated where the rail permits just-in-time funding and materially reduced where it does not. Inbound, the credit you extend against payouts is shortened to the net residual. Nothing is held by NETTA at any point.
Five settlement domains, one network
Settlement
Multilateral netting of institutional cross-border obligations, counter-attested and settled just-in-time on conventional rails.
Settlement model →StableNet
Netting settled in registered tokenised deposits or regulated stablecoins, tier-classified with issuer risk disclosed per asset; never described in central-bank-money terms.
Documentation under NDA.
Risk intelligence, micro-obligation aggregation and tokenised-asset netting
RiskNet. Exposure and concentration limits enforced before an obligation enters a window; credit decisions stay with each participant.
PayNet. A licensed partner converts high-volume, small-value flows into netting-eligible institutional obligations under its own licence.
AssetNet. Delivery-versus-payment netting for tokenised securities, settlement gated on finality of both legs.
Exercised on testnet. Documentation under NDA.
Three further domains — trade finance, energy and autonomous-agent clearing — are in design. Documentation for each domain is available to qualified institutions under NDA.
What NETTA is, and the standards it holds itself to
NETTA IS
- A settlement coordination technology platform
- A corridor-level multilateral netting engine
- A non-custodial infrastructure layer
- A technology service provider, not a designated FMI; no designation is claimed
- ISO 20022 CBPR+ native
NETTA IS NOT
- A bank or deposit-taking institution
- A payment service provider
- A custodian of funds
- A market maker or liquidity provider
- An FX dealer or principal
Privacy by Qedis
Verifiable confidentiality with no single-party key, no trusted hardware and no trusted setup, post-quantum by design, licensed to the NETTA group.
Post-quantum cryptography
ML-DSA (FIPS 204) signatures and ML-KEM (FIPS 203) key encapsulation, hybrid with ECDSA for migration.
Risk before settlement
Risk is assessed at admission rather than after the fact, so an obligation that breaches a participant’s own limits never reaches a netting window.
ISO 20022 CBPR+
Native pacs.008 and pacs.009 with the remaining message types via the institutional API, validated against the official schemas and CBPR+ usage guidelines; Swift conformance is a pre-pilot step and no certification is claimed.
PFMI
Designed and operated to the standard expected of a financial market infrastructure though not one: self-assessed against all 24 CPMI-IOSCO Principles and being extended to Annex F, available to participants and their supervisors on request.
Sanctions and Travel Rule
KYC, AML and Travel Rule obligations sit with the licensed participants; obligations are screened at admission against published sanctions lists and every outcome is recorded for participants and their supervisors.
Built for institutions constrained by capital, not scale
Regional and Tier-2 banks, licensed payment institutions and money-transfer operators carrying cross-border exposure, together with the settlement institutions that counter-attest and execute their net positions on existing rails.
Flows from mobile-money operators, custodians, asset managers and broker-dealers enter through a licensed participant.
Governed as market infrastructure
NETTA is a product of FiatRails Foundation Ltd, which holds the protocol and its intellectual property; commercial activity sits in licensed operating entities.
Cayman foundation company
Non-commercial, with no shareholders and no distributions. The Foundation is the custodian of the protocol and its intellectual property.
Independent board
The Founder and three independent non-executive directors drawn from the institutions that built today's post-trade and settlement infrastructure. No executive chair.
Reserved matters and registers
Related-party, intellectual-property, equity, token-related and regulatory matters are reserved to the Board before execution, by written notice, with registers open to every director.
Request an institutional briefing
Controlled pilots in 2026–27 for banks, payment institutions and market infrastructures. Documented regulatory dialogue in the UAE, Singapore, the UK and the EU; no regulator has licensed, approved or endorsed NETTA or any FiatRails entity.