On June 29. FedNow, the Federal Reserve's forthcoming instant payments system, published a list of certified "early adopters." These organizations have been deemed ready to connect with the platform when it launches in late July. Interestingly, although two blockchain networks previously announced their intention to integrate with the instant payment system, neither of them appeared on the list.
The FedNow service clarified that organizations not featured on the initial list may still integrate at a later date. Metal Blockchain, one of the blockchain networks, stated that it plans to connect with the platform once it secures an appropriate banking sponsor. FedNow, develop ed by The Federal Reserve, aims to facilitate instant transfers between US banks, similar to Faster Payments in the UK and the Single Euro Payments Area system in Europe.
Currently, bank transfers within the US are not settled instantly and can only be made through ACH or wire transfer. The launch of FedNow is scheduled for July. While at least two blockchain networks have previously announced their intention to connect to FedNow, their absence from The certified list is notable. One of the networks is Metallicus' metal blockchain, which stated in May that its platform would enable instant conversion of cash into stablecoins through integration with FedNow.
The list of certified service providers, announced on June 29. included 11 payment providers, such as ACI Worldwide, ECS Fin, FPS Gold, and Open Payment Network. However, Metallicus and Metal Blockchain were not listed. Marshall Hayner, the co-founder and CEO of Metallicus, affirmed the company's commitment to integrating Metal Blockchain with FedNow once it secures a suitable banking sponsor. Another blockchain network, Tassat, also announced integration with FedNow through its TassatPay service and digital interbank net work, designed for commercial banks.
While Tassat was initially listed in the FedNow website's Service Provider Showcase, it was not included in the certified "early adopters" list. The Federal Reserve clarified in its announcement that other organizations not listed as early adopters may join as service providers in the future. FedNow has faced criticism from some blockchain users who view it as a step towards a central bank digital currency (CBDC). However, the Federal Reserve has stated that FedNow is unrelated to CBDCs.
