The US Federal Reserve is promoting the FedNow Service real-time payment project and launching a pilot blockchain infrastructure.
On Tuesday, the Federal Reserve officially launched the FedNow service provider, which offers financial institutions and users a set of services to help them implement FedNow, which is scheduled to launch in 2023.
At launch, the offering includes more than 70 profiles and service providers that support instant payments, including a New York-based blockchain company specializing in instant payment solutions, blockchain interoperability and central bank digital currencies (CBDC). The platform is known for its involvement in Chinese blockchain projects, including collaboration with Suzhou City Municipality to develop the city’s blockchain infrastructure.
Other proposed providers include services such as BNY Mellon instant payment, Mastercard Track Business payment service and ePayments.
“Currently, we are the only blockchain company selected to do this,” Cypherium CEO Sky Guo told Cointelegraph, adding that consumers will be able to use Cypherium’s digital wallet or blockchain technology as part of their FedNow payment project. He also noted that Cypherium technology will also provide compatibility with other payment solutions:
“We want to provide users with a digital wallet to access FedNow services so that FedNow can interact with other payment systems such as RTGS, blockchains, payment solution providers, etc.”
Nick Stanescu, commercial director at FedNow, said Cypherium’s involvement in the project will help “organizations find and connect with the partners they need to create the end-to-end solutions the market wants.”
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As Cointelegraph previously reported, the US Federal Reserve has officially announced plans to release FedNow again in 2019 with the ultimate goal of allowing US banks of all sizes to offer real-time payments to their customers by 2023.
In addition to FedNow, Cypherium from 2019 is also a member of the US Fast Payments Council (FPC), an organization that aims to create a comprehensive global payment system. According to Cypherium’s CEO, it is the only other FPC member linked to the blockchain. is a blockchain payment company for Ripple.