The US Central Bank wants to extend the Fednow program to all 10,000 banks in the USA: Ripple partner CGI and Volante play a decisive role in implementation

Von Krypto News Österreich

FedNow: Die US-Zentralbank erweitert das Programm auf alle 10.000 Banken in den USA Die US-Zentralbank hat kürzlich angekündigt, das FedNow-Programm auf alle 10.000 Banken in den USA auszuweiten. Dieses Programm, das von der Federal Reserve Bank entwickelt wurde, ermöglicht es Finanzinstituten im ganzen Land, schnellere Zahlungsdienste anzubieten. Dadurch werden die Bearbeitungszeiten für Zahlungen beschleunigt und können mit bekannten Zahlungstools wie Venmo und Cash App mithalten. FedNow ist ein Schnellzahlungssystem, das den meisten Wartezeiten bei der Online-Zahlungsabwicklung und der Bearbeitung von Schecks ein Ende setzen soll. Zahler werden in der Lage sein, Geldbeträge am vorgesehenen Tag ohne Verzögerungen zu überweisen. Das …
Fednow: The US Central Bank is expanding the program to all 10,000 banks in the USA The US Central Bank recently announced that the Fednow program to all 10,000 banks in the USA. This program developed by the Federal Reserve Bank enables financial institutions across the country to offer faster payment services. This accelerates the processing times for payments and can keep up with known payment tools such as Venmo and Cash app. Fednow is a quick paying system that should end most waiting times in online payment processing and processing checks. Payers will be able to transfer money amounts on the intended day without delays. The … (Symbolbild/KNAT)

Fednow: The US Central Bank extends the program to all 10,000 banks in the USA

The US Central Bank recently announced that it will expand the Fednow program to all 10,000 banks in the United States. This program developed by the Federal Reserve Bank enables financial institutions across the country to offer faster payment services. This accelerates the processing times for payments and can keep up with known payment tools such as Venmo and Cash app.

Fednow is a quick payment system that should put an end to most waiting times for online payment processing and processing checks. Payers will be able to transfer money amounts on the intended day without delays. The system is comparable to the Faster Payments system in the United Kingdom and the uniform euro payment in the euro zone.

The expected start date for Fednow is at the end of July. As of June 29, 57 first-time institutions, including financial institutions and service providers, have already completed the test and certification process. They are currently going through the last test runs with the service.

The development of Fednow took almost ten years. The Federal Reserve started researching the idea of ​​an immediate payment network in 2013 and set up the Faster Payments Task Force in 2015 to outline a strategic framework. Fednow was officially presented in August 2019 and since then pilot programs have been carried out 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 have a key function when operating the system. Volante Technologies, a leading provider of cloud payment solutions, worked closely with a custodian bank to successfully test the system. Volante and Ripple have tested the transmission, reception and bank-to-bank transfer functions together to help banks adapt to the upcoming network. Due to the interface to Ripple, Volante users could also process XRP on their platform.

The expansion of the Fednow program to all 10,000 banks in the USA will lead to faster and more efficient payment services for financial institutions across the country. The start of the system is planned for the end of July and will further improve payment transactions in the USA.