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Governance

Governed as market infrastructure

NETTA — The Settlement Computer — is a product of FiatRails Foundation Ltd. The Foundation is run the way settlement institutions expect their infrastructure to be run: an independent-majority board, matters reserved to it before execution, registers every director can read, and standards that invite examination.

FiatRails Foundation Ltd

Cayman Islands exempted foundation company · Reg. 431901 · LEI 894500RG1F2BKNE8P514

No members, no shareholders. Governs the protocol, holds the patent estate and licenses it to the group. NETTA is a product of the Foundation.

FiatRails Holdings Ltd

Cayman Islands · Reg. 433608 · LEI 894500AC5ANE33H3EX31

The equity and funding vehicle, owned by the Founder ahead of the seed round and the only entity that issues equity. Holds the operating company and takes the protocol under the Master IP Licence, whose terms and termination rights sit with the Foundation’s board.

FiatRails Settlement Ltd

Abu Dhabi Global Market · Reg. 37151 · LEI 894500XN01CZRCRHQH56

The operating and contracting entity for pilots and participation agreements, holding an ADGM commercial licence for technology activities. It does not hold, and does not currently require, a financial-services permission; the protocol’s activity sits outside the licensable perimeter, and the next anticipated step in the UAE is a letter of no objection from the federal central bank.

Digitalyze Labs Ltd

Ras Al Khaimah Digital Assets Oasis, UAE · LEI 894500R7Q3EV3NKRD537

Licensor of the privacy and post-quantum runtime, licensed to the group in perpetuity. A company in which the Founder holds an interest disclosed to the Board.

Board of Directors

The Founder and three independent non-executive directors

FiatRails Foundation Ltd is governed by a board of four: the Founder and three independent non-executive directors, each with equal standing and no executive chair. Every director and the executive makes an annual conflicts declaration and declares transaction-specific interests; interested directors do not decide the matters in which they are interested. The Board acts as a whole; committees will be constituted as the group scales.

Vincent Scaturchio
Vincent Scaturchio
Executive Director · Appointed February 2026
Founder & Chief Executive

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.

Murray Pozmanter
Murray Pozmanter
Independent Non-Executive Director · Appointed June 2026

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 for the clearing and settlement infrastructure at the centre of the US capital markets: DTC, NSCC and FICC, the central securities depository and central counterparties of the US securities market. He joined the Foundation’s board in June 2026.

Steve Bertamini
Steve Bertamini
Independent Non-Executive Director · Appointed July 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.

Iona Levine
Iona Levine
Independent Non-Executive Director · Appointed September 2026

Led the legal working party that built ECHO, the multilateral FX netting system acquired by CLS in 1997; former Group 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 Group General Counsel and Managing Director of LCH.Clearnet Group. She joined the Foundation’s board in September 2026.

Iona Levine is a practising barrister and a co-founder of Minerva Chambers. A financial markets specialist, she has decades of experience in helping to create and working with and for financial market infrastructures across a whole range of asset classes and in multiple jurisdictions.

Advisors

Advisory appointments

Hilary Park
Hilary Park
Advisor · Appointed August 2026
Strategic Advisor

Co-founder and former Chief Executive of LMRKTS, the multilateral compression platform for OTC derivatives.

Full biography

Hilary Park co-founded LMRKTS, the multilateral compression platform for OTC derivatives, and later led it as Chief Executive; the business was built, scaled and exited.

Dr Hamed Amini
Dr Hamed Amini
Advisor · Appointed August 2026
Advisor, netting and settlement mathematics

Associate Professor, Industrial and Systems Engineering, University of Florida; research on multilateral netting and financial network compression.

Full biography

Dr Hamed Amini holds the netting and settlement mathematics seat on the Foundation’s Scientific Advisory Board. He is Associate Professor of Industrial and Systems Engineering at the University of Florida and the author of “To Fully Net or Not to Net: Adverse Effects of Partial Multilateral Netting” (Operations Research, 2016) and, in the European Journal of Operational Research (2023), “Optimal Network Compression” and “Decentralized Payment Clearing using Blockchain and Optimal Bidding”.

Executive

Vincent Scaturchio, Founder and Chief Executive, is the group’s executive and a director of each entity. Engineering is delivered by Digitalyze Labs Ltd under an arrangement disclosed to the Board. The operating team is funded by the seed round; senior appointments above the Protocol’s thresholds are reserved to the Board.

Risk and compliance oversight

NETTA is pre-pilot. Risk, security and compliance oversight sits with the Board under the Governance Protocol, with a designated security lead and an escalation path to the executive and the Board; independent second-line and internal-audit functions are established as part of the pilot programme.

How the Foundation is governed

Reserved matters, written notice, open registers

A Board Governance Protocol and Delegated Authority Schedule fixes what the Board decides before anything is executed and how the executive reports on everything else.

Reserved to the Board before execution

  • Every matter in which the Founder or any director has an interest, regardless of value
  • All intellectual-property assignments, licences and security interests
  • Every equity grant or issuance by any group entity
  • Any token-related instrument — no protocol token exists or is planned
  • Regulatory submissions in the Foundation’s name
  • Senior appointments, borrowing and guarantees, structural transactions, the annual budget

How it runs

  • Reserved matters are put to the Board by written Decision Notice with notice; silence is never treated as consent
  • Registers of executed instruments and Board decisions, open to every director
  • Regular written reporting to all directors
  • A convened Board meeting at least quarterly and an annual general meeting each calendar year, as its Articles require
  • Directors’ interests declared and recorded; interested directors do not decide the matters in which they are interested

The Foundation is a Cayman Islands exempted foundation company with no members and no shareholders. It does not trade and does not contract with customers or end users; it is funded by licence income from the operating group under the Master IP Licence, applied to its objects. Its constitution prohibits any distribution to directors or supervisors. Commercial activity sits in FiatRails Holdings Ltd and its operating subsidiaries; briefing requests are passed to FiatRails Settlement Ltd, the contracting entity.

Intellectual property

Held by the Foundation, licensed to the group

Settlement estate — Foundation-held

Sixteen US provisional patent applications held by FiatRails Foundation Ltd under assignments recorded at the United States Patent and Trademark Office, covering settlement determination and just-in-time atomic net settlement; risk intelligence and micro-obligation aggregation; tokenised-asset and digital-currency netting; Sharia-compatible settlement architecture; and cryptographic privacy and post-quantum authentication. Operating entities take the estate under a Master IP Licence; it never leaves the Foundation except by licence. Applications are pending; none has yet been examined or granted.

Privacy runtime — licensed

The Qedis cryptographic privacy and post-quantum runtime (four further applications) is owned by Digitalyze Labs Ltd, a company in which the Founder holds an interest disclosed to the Board, and is licensed to the NETTA group perpetually and royalty-free. Twenty applications in total.

Standards and supervisory engagement

Built to be examined

NETTA is a technology service provider, not a designated financial market infrastructure, and no designation is claimed. We nonetheless design and operate to the standard expected of one.

PFMI

Self-assessed against all 24 principles

Assessed against the CPMI-IOSCO Principles for Financial Market Infrastructures using the CPMI-IOSCO Disclosure Framework, with the principles that cannot apply to a non-custodial provider identified as such, and maintained on a scheduled review cycle. Because participating institutions will treat NETTA as a critical service provider under their own regimes, the assessment is being extended to the CPMI-IOSCO Annex F oversight expectations and to the outsourcing and operational-resilience rules those institutions apply, including the UAE, Singapore, UK and EU frameworks. Available to participating institutions and their supervisors on request, at documentation@netta.network.

ISO 20022

CBPR+ native

Settlement instructions and position reporting are generated natively as ISO 20022 CBPR+ messages, validated against the official schemas and the CBPR+ usage guidelines in automated testing. Swift conformance testing is a pre-pilot step and no Swift certification is claimed.

Perimeter

Regulatory dialogue

NETTA has held documented dialogue with financial regulators and central-bank innovation functions in the UAE, Singapore, the United Kingdom and the European Union, and holds a home-jurisdiction legal opinion on the regulatory perimeter of its activity. That dialogue is informal and exploratory. No regulator has licensed, approved or endorsed NETTA or any FiatRails entity, and no sandbox admission or system designation is claimed. NETTA never holds funds, never executes FX and never acts as counterparty; all licensable activity remains with participating institutions.

Technical execution is atomic; legal finality is a matter for per-corridor legal opinions, commissioned as each pilot jurisdiction is confirmed.

Operational resilience and assurance

Designed to halt rather than settle wrongly

Resilience

NETTA runs on a permissioned settlement network whose validators are known institutional entities; no anonymous validator exists. The system is designed to halt rather than settle on an inconsistent state, so that an infrastructure failure delays settlement rather than settling it wrongly, and settled positions and attestations are preserved through the failure modes tested to date. These are design properties verified internally; external audit is outstanding. The business-continuity framework is designed to ISO 22301 and specifies monthly failover testing and quarterly recovery drills as the operating cadence to be met from the pilot programme onward. Test-network halts have been recovered without forks or state loss, each documented in a post-mortem available to participants and their supervisors on request, and followed by a hardened upgrade policy. Participants and, where relevant, corridor regulators are notified of material incidents, with a post-incident report to all affected parties.

Control and assurance

No single party holds a decryption key. Supervisory visibility is reconstructed only under threshold, multi-party control with hardware-secured key shares held by separate entities in separate jurisdictions, and every reconstruction and delegated access is recorded on-chain. Protocol changes pass through tiered, time-locked multi-signature authority visible on-chain before execution, with rollback and incident reporting.

What is not yet done. The system has been exercised on testnet and verified on-chain through internal adversarial review; an external security and cryptography audit, ISO 27001 certification and SOC 2 reporting are funded, outstanding milestones. No external certification is claimed.

Request an institutional briefing

A 45-minute session covering the settlement model, the perimeter analysis for your jurisdiction and the pilot structure. Technical documentation and NDA available to qualified participants.

Request a briefing