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The US central bank wants to expand the FedNow program to all 10,000 banks in the USA: Ripple partners CGI and Volante play a crucial role in the implementation
FedNow: The US Federal Reserve expands the program to all 10,000 banks in the US The US Federal Reserve recently announced that it will expand the FedNow program to all 10,000 banks in the US. This program, developed by the Federal Reserve Bank, enables financial institutions across the country to offer faster payment services. This speeds up payment processing times and rivals popular payment tools like Venmo and Cash App. FedNow is a quick payment system designed to eliminate most of the wait times associated with online payment processing and check processing. Payers will be able to transfer funds on the scheduled day without delays. The …
The US central bank wants to expand the FedNow program to all 10,000 banks in the USA: Ripple partners CGI and Volante play a crucial role in the implementation
FedNow: The US Federal Reserve is expanding the program to all 10,000 banks in the US
The US Federal Reserve recently announced that it would expand the FedNow program to all 10,000 banks in the US. This program, developed by the Federal Reserve Bank, enables financial institutions across the country to offer faster payment services. This speeds up payment processing times and rivals popular payment tools like Venmo and Cash App.
FedNow is a quick payment system designed to eliminate most of the wait times associated with online payment processing and check processing. Payers will be able to transfer funds on the scheduled day without delays. The system is comparable to the Faster Payments System in the United Kingdom and the Single Euro Payments Area in the Eurozone.
The expected launch date for FedNow is the end of July. As of June 29, 57 early adopter institutions, including financial institutions and service providers, have already completed the testing and certification process. They are currently undergoing final test runs with the service.
FedNow took almost ten years to develop. The Federal Reserve began exploring the idea of an instant payments network in 2013 and created the Faster Payments Task Force in 2015 to outline a strategic framework. In August 2019, FedNow was officially launched and since then, pilot programs have been conducted with various financial institutions to test the functionality of the system.
Ripple was also involved in the development of FedNow. Ripple partners such as CGI and Volante play a key role in operating the system. Volante Technologies, a leading provider of cloud payment solutions, worked closely with a custodian to successfully test the system. Volante and Ripple have jointly tested the sending, receiving and bank-to-bank transfer capabilities to help banks adapt to the upcoming network. Through the interface to Ripple, Volante users could also process XRP on their platform.
Expanding the FedNow program to all 10,000 banks in the U.S. will result in faster and more efficient payment services for financial institutions across the country. The system is scheduled to launch at the end of July and will further improve payment transactions in the USA.