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FedNow’s list of early adopters does not include blockchains, but some may integrate later

FedNow, the Federal Reserve’s upcoming instant payment system, known Certified “early adopters” list on June 29. Organizations on the list were confirmed ready to engage with the platform when it launched in late July. No blockchain networks are listed, although there are at least two previously announced plans to connect to the instant payment system.
The FedNow service stated: some organizations not listed can be integrated laterand Metal Blockchain stated that it still plans to connect to the platform after obtaining its “eligible banking sponsor.”

List of organizations certified with the FedNow Service. Source: Federal Reserve Board Services

FedNow is an instant payment service developed by the US Federal Reserve. The Federal Reserve says the service will allow instant transfers between US banks, similar to the UK’s Faster Payments and Europe’s Single Euro Payments Area systems.
Currently, wire transfers within the United States can only be made via ACH or wire transfers, which do not provide instant payment. FedNow scheduled to launch July.
At least two blockchain networks have announced that they will “connect” to FedNow at launch. One is Metallicus’ Metal Blockchain. The Metallicus team said in May that its network will allow it. instant conversion of liquidity to stablecoins Thanks to the link with FedNow. Back then, FedNow’s official website also featured Metallicus in its “Service Provider Review.” provides further evidence that integration will occur.

Metal Blockchain was later removed from FedNow’s “service provider list” on May 11. Source: FedNow website, May 11

The list was removed a few days after the announcement. Twitter user on May 15 JeffXRP underlined the strangeness of his sudden departure.
The list of “service providers” released on June 29 includes ACI Worldwide, ECS Fin, FPS Gold, Open Payment Network and 11 other payment providers, but neither Metallicus nor Metal Blockchain is on the list.
Marshall Hayner, co-founder and CEO of Metallicus, told Cointelegraph that the company plans to integrate Metal Blockchain with FedNow after obtaining appropriate bank sponsorship:

“Metallicus is currently in contact with the Federal Reserve and FedNow program managers as we search for the appropriate banking sponsor and continue to focus on building our bank chain technology.”

The other blockchain network announcing integration with FedNow is Tassat, creator of the TassatPay service and Digital Interbank Network. Tassat claims that its network is a private business-to-business blockchain for commercial banks. It announced in March that it would connect its platform. B2B digital payment to the soon-to-be-opened FedNow service.
As of June 30, Tassat was listed on the FedNow website’s “service provider list”..

TassatPay is on the FedNow Service Provider List on June 30. Source: FedNow

However, Tassat is not among the certified service providers on the 30 June early adopter list. Cointelegraph reached out to the Tassat team via email, but has received no response as of publication.
The following statements were included in the Central Bank’s statement: some organizations not listed may become service providers in the future:

“The Fed continues to work with financial institutions and service providers that plan to participate in 2023 and beyond, as the first phase of growth of a robust network that aims to reach all 10,000 U.S. financial institutions beyond early adopters.”

FedNow has been criticized by some blockchain players for being a possible approach to a central bank-issued digital currency (CBDC). US presidential candidate Robert F. Kennedy Jr. this “financial slavery“. In April, the Federal Reserve, to reject That FedNow is affiliated with a CBDC.

Translation of Walter Rizzo

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