• The Federal Reserve’s upcoming instant payment system, FedNow, released its list of certified “early adopters” on June 29. No blockchain networks were included on the list.
• At least two blockchain networks had previously announced integration with the Fed’s instant payment service, but they were not found on the new list of certified providers.
• Metal Blockchain said it still intends to connect with the platform once it gains “the appropriate bank sponsor”.
FedNow Early Adopter List
The Federal Reserve’s upcoming instant payment system, FedNow, released its list of certified “early adopters” on June 29. The organizations on this list have been certified as ready to connect with the platform when it launches in late July. No blockchain networks are on the list however at least two had previously announced that they would integrate with the instant payment system.
At least two blockchain networks had previously announced integration with the Fed’s instant payment service but these were not found on a new list of certified providers. One is Metallicus’ Metal Blockchain which stated in May that its network will allow for instant conversion of cash to stablecoins through a connection with FedNow and also listed itself in their “service provider showcase”. This listing was removed soon after however and neither Metallicus nor Metal Blockchain appear in the latest “early adopter” list.
In conversation with Cointelegraph, Metal Blockchain said it still intends to connect with the platform once it gains “the appropriate bank sponsor”. This suggests that some organizations not currently found on this initial “early adopter” list may be integrated later when they have met certain requirements set out by the Federal Reserve Board Services.
Instant Payment Service Overview
FedNow is an instant payment service being developed by The United States Federal Reserve that will allow for instantaneous transfers between banks in America similar to those already existing in other countries such as Europe’s Single Euro Payments Area and The United Kingdom’s Faster Payments systems. Currently bank transfers within America can only be done through ACH or wire transfers which are not settled instantly so this new service looks to revolutionize banking practices within America when launched in July 2021.
Although no blockchain networks appear yet on The Federal Reserves “early adopter” list for their upcoming FedNow service at least two have previously announced integration plans and one has stated that they still plan to integrate once they gain an appropriate bank sponsor suggesting that some organizations may be integrated later following certain criteria set out by The Federal Reserve Board Services