Please ensure Javascript is enabled for purposes of website accessibility

FedNow Payment System’s Early Adopter List Excludes Blockchain Firms

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.”

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.

Highlighted Crypto News Today:

Hong Kong Forms New Task Team To Promote Web3 Development

TAGSFederal Reserve FedNow

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.

Read More  On June 29th, the Federal Reserve announced the certified “early adopters” for FedNow, the planned instant payment system. When the… 

Invest in ACTS Token to unlock a revolutionary reflection-generating mechanism that fuels your revenue growth while contributing to a prosperous economy. Our unique cryptocurrency goes beyond the norm, combining financial intelligence and social impact to create a virtuous cycle of generational wealth and charitable giving.

$ACTS Token – Changing the World One ACT At A Time!

Check out ACTS Token’s, ACTS of Kindness featured in Times Square, NY!

Unlock Your Success Pathway with Dale from ACTS Token!
Financial Principles

Unlock Your Success Pathway with Dale from ACTS Token!

Unlock the Power Within: Navigating Success with Dale’s Three Pillars of Prosperity! Dive deep with us as we explore the influential mindset tweaks—good habits, active patience, and overcoming money fears—shared by Dale from ACTS Token, to not just enhance your wealth but also to embrace a life abundant in positivity and accomplishment.

Read More »
Crypto State of the Union
Financial Principles

Crypto State of the Union: September Dips, Halving Hype, and the ETF Revolution

In the world of cryptocurrency, September’s historical dips can leave investors perplexed. But fear not, as this blog post reveals the psychology behind this phenomenon and strategies to make the most of it. Plus, with the Bitcoin halving just around the corner and major institutions like BlackRock and ARK Invest gearing up to launch crypto ETFs, the crypto landscape is on the brink of a seismic shift. Dive deeper into the world of crypto and learn how to navigate these trends with confidence.

Read More »

Supercharge your crypto journey and seize exclusive insider insights, expert analysis, and valuable tips by subscribing to the ACTS Token Newsletter today!