FedNow Payment System’s Early Adopter List Excludes Blockchain Firms

• The new service will enable instant transactions between U.S. banks.
• The launch of FedNow is planned for this month of July.

On June 29th, the Federal Reserve announced the certified “early adopters” for FedNow, the planned instant payment system. When the platform starts in late July, the companies on the approved list will be able to connect with it without any problems.

Despite at least two blockchain networks earlier announcing they would join the immediate payment system, they do not appear on the list. In spite of the fact that it is not currently on the list, Metal Blockchain still plans to integrate with the FedNow service once it secures “the appropriate bank sponsor.”

Instant Transactions

The United States Federal Reserve is currently working on an instant payment service called FedNow. The Federal Reserve believes that the service will enable instant transactions between U.S. banks, analogous to the Faster Payments system in the United Kingdom and the Single Euro Payments Area system in Europe.

Only ACH and wire transactions inside the US are resolved at a later time than other domestic bank transfers. The launch of FedNow is planned for the month of July. At this time, at least two other blockchain projects have said that they will be “connecting” to FedNow upon its release.

In May, the Metallicus team announced that, via integration with FedNow, their network will enable near-instant stablecoin conversion. Metallicus was also included in FedNow’s “service provider showcase,” which was live at the time, further indicating a possible integration. A few days after the announcement, this listing was taken down on May 15.

ACI Worldwide, ECS Fin, FPS Gold, Open Payment Network, and 11 more payment providers were included on the list of “service providers” posted on June 29; however, neither Metallicus nor Metal Blockchain were included.

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