The Federal Reserve of the United States is moving forward with its real-time payment initiative, FedNow Service, by beginning to experiment with blockchain technology. The Fed formally opened the FedNow Service Provider Showcase on March 8, with the goal of providing financial institutions and customers with a variety of services to assist them in implementing the FedNow Service, which is set to start in 2023.
At the time of its introduction, the showcase featured more than 70 profiles and service providers that enable fast payments, including a New York-based blockchain startup focused on immediate payment solutions, blockchain interoperability, and central bank digital currencies (CBDC). The platform is well-known for its involvement in Chinese blockchain initiatives, such as its collaboration with Suzhou City Municipal for the development of blockchain infrastructure in the city.
BNY Mellon Immediate Payments, Mastercard Track Business Payment Service, and ePayments are among the other suppliers included in the presentation.
Cypherium CEO Sky Guo stated that we are the only blockchain firm chosen so far. He added that as part of the FedNow payment initiative, users would be able to utilise Cypherium’s digital wallet or blockchain technology. He also mentioned that Cypherium’s technology will be compatible with various payment solutions that will provide a digital wallet via which consumers will be able to access FedNow services. It will allow FedNow to engage with various payment systems such as RTGS, blockchains, payment solution providers, and others.