fednow

ChainCatcher news, the digital banking network Metallicus announced the completion of its testing and certification phase, and launched its services on the Federal Reserve's FedNow instant payment platform. The Federal Reserve announced on October 22 that Metal Blockchain has integrated with FedNow, a partnership that was initially announced before the FedNow launch in mid-2023, aiming to onboard thousands of financial institutions to the platform over time.Metal Blockchain is an L0 network developed by Metallicus based on the Avalanche branch. Its developers claim that the project is designed to be secure and can theoretically scale infinitely. Information provided on the official website indicates that its design "allows for the deployment of an unlimited number of subnets, each capable of processing 4,500 transactions per second." The platform supports multiple programming languages and has built-in support for DApps and smart contracts.The Federal Reserve launched the FedNow payment service in July 2023, aimed at facilitating instant payments and replacing the previously outdated FedACH system.

ChainCatcher news, according to information from the Federal Reserve's official website, its instant payment system FedNow has officially launched. Banks and credit unions can register and use this tool, and FedNow will provide 24/7 service 365 days a year.The Federal Reserve stated that 35 early adopter banks and credit unions, along with the U.S. Department of the Treasury's Financial Management Service, are ready to offer instant payment capabilities through the FedNow service. Additionally, 16 service providers are prepared to support payment processing for banks and credit unions.

ChainCatcher news, according to CoinDesk, the Federal Reserve announced in a statement that it will launch the real-time payment system FedNow Service in July, aimed at addressing the existing delays in inter-institutional financial transaction settlements. The system will begin certifying the first batch of participants early next month. FedNow Service will operate around the clock and provide instant, comprehensive access to funds.Reports indicate that FedNow is also seen as a potential precursor to central bank digital currencies (CBDCs), although the service may undermine one of the key advantages of a digital dollar, which is the ability for instant transfers. Federal Reserve officials stated that the agency has not yet made any decisions regarding a future U.S. CBDC, noting that it requires support from Congress, the Biden administration, and the public. (Source link)