The US Federal Reserve is pushing its real-time payments project FedNow Service as it begins experimenting with blockchain infrastructure.
On Tuesday, the Fed officially launched the FedNow Service Provider Showcase to provide financial institutions and users with a range of services to help them implement the FedNow service, which will launch in 2023.
At launch, the showcase 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 cooperation with the Suzhou City Municipality to develop the city’s blockchain infrastructure.
Other vendors in the showcase include services such as BNY Mellon instant payments, Mastercard Track Business payment service, and ePayments.
“At the moment, we are the only blockchain company,” Cypherium CEO Sky Guo told Cointelegraph, adding that consumers will be able to use Cypherium’s digital wallet or blockchain technology as part of the FedNow payment project. He also noted that Cypherium technology will also provide compatibility with other payment solutions:
“We will provide users with a digital wallet to access FedNow services, allowing FedNow to interoperate with other payment systems such as RTGS, blockchains, payment solution providers, and others.”
FedNow business manager Nick Stanescu noted that Cypherium’s involvement in the project will help “organizations find and connect with the partners they need to create end-to-end solutions that the market demands.”
Related: Fed’s Lael Brainard Hints US Leads in CBDC Development
As previously reported, the US Federal Reserve Board officially announced plans to release FedNow as early as 2019, with the ultimate goal of allowing US banks of any size to make real-time payments to their customers by 2023.
In addition to FedNow, as of 2019, Cypherium is also a member of the US Fast Payments Council (FPC), an organization committed to providing a globally inclusive payment system. According to the Cypherium CEO, the only other blockchain-related FPC participant is blockchain payment firm Ripple.