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- The new service will facilitate instantaneous transactions among U.S. banks.
- The introduction of FedNow is scheduled for this month of July.
On June 29th, the Federal Reserve revealed the certified “early adopters” for FedNow, the upcoming instant payment system. When the platform launches in late July, the companies on the approved list will be able to connect seamlessly.
Although at least two blockchain networks previously announced their intention to participate in the immediate payment system, they are not included in the list. Despite not being currently listed, Metal Blockchain intends to integrate with the FedNow service once it obtains “the appropriate bank sponsor.”
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The United States Federal Reserve is in the process of developing an instant payment service known as FedNow. The Federal Reserve anticipates that the service will facilitate instant transactions between U.S. banks, similar to the Faster Payments system in the United Kingdom and the Single Euro Payments Area system in Europe.
Only ACH and wire transactions within the U.S. are settled later than other domestic bank transfers. The launch of FedNow is anticipated for July. At this point, at least two additional blockchain projects have indicated that they will be “connecting” to FedNow upon its launch.
In May, the Metallicus team announced that their network would enable near-instant stablecoin conversion through integration with FedNow. Metallicus was also featured in FedNow’s “service provider showcase,” which was active at the time, suggesting a potential integration. A few days after this announcement, the listing was removed on May 15.
ACI Worldwide, ECS Fin, FPS Gold, Open Payment Network, and 11 other payment providers were included in the list of “service providers” released on June 29; however, neither Metallicus nor Metal Blockchain were part of this list.
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