Yesterday,
the US Federal Reserve Board announced a new payment system. While the new
project has shocked some in the crypto community, the Ripple community seems to
be thrilled about the new settlement service.
The
Near-Instant FedNow Service
According to
an announcement published yesterday, the Federal Reserve Board is developing a
new “round-the-clock” real-time payment and settlement service dubbed “FedNow”.
FedNow will
feature near-instantaneous transactions that will be processed every day of the
week, including weekends, 24/7.
The
announcement read in part:
In addition
to FedNow, the Federal Reserve Board also announced that it has been exploring
expanding its FedWire Funds and National Settlement services to provide
24x7x365 support as well as faster payments.
Ripple
Community Is Thrilled
The Fed’s
announcement has generated such hype in the Ripple community that the number of
FedNow and Ripple-related searches has increased significantly on Google.
More
Good News For Ripple?
While
neither the federal government nor Ripple has officially confirmed that FedNow
will use Ripple’s network or even blockchain technology, Ripple’s Global Head
of Infrastructure Innovation, Dilip Rao, tweeted yesterday that the launch of
the FedNow Service was a “great move”.
Ripple is
already part of the Federal Reserve’s Faster Payments Task Force, with the
company’s Head of Research on the Business Development team, Ryan Zagone,
elected as a member of its steering committee in 2015.
What’s more,
Ripple published a blog post in July 2017 regarding the Fed Task Force action
plan for faster payments. According to Ripple, the action plan highlighted
“Ripple’s ability to underpin the next generation of cross-border payments.”
The
organization has more good news incoming, as the payments company MoneyGram
recently revealed that it was piloting Ripple’s xCurrent network and XRP for
cross-border transactions.
Comments
Post a Comment