FedNow, launched in July 2023, enables 24/7 payments, Metallicus has certified and integrated its Metal Blockchain with the platform.
The Federal Reserve of the United States operates the FedNow instant payments platform, where Metallicus, a digital banking network, has successfully completed the testing and certification phase of its operations and launched its services.
The Federal Reserve announced the integration of Metal Blockchain with FedNow more than a year ago. The Federal Reserve reportedly plans to implement a lengthy certification procedure on October 22 to onboard thousands of financial institutions over time.
According to Don Berk, the chief operating officer of Metallicus, the Metal Blockchain operates as an open Avalanche fork at the layer zero level. The system’s developers designed it to be both secure and theoretically infinitely scalable.
“Metallicus has worked diligently to be certified as a service provider to financial institutions on the FedNow Service. We have been working closely with our banking partners and engineering team to secure this certification, bringing even greater connectivity to the Metallicus Digital Banking Network.”
The project’s website presents that its architecture “allows for the deployment of an infinite number of subnets, each of which is capable of processing 4,500 transactions per second.
Its compatibility for a variety of programming languages, as well as its built-in support for decentralized applications (DApps) and smart contracts, is one of the most appealing aspects of the platform. The Federal Reserve of the United States introduced the FedNow payment service in July of 2023.
We designed it to promote rapid payments and replace the outdated FedACH system previously in use. When the FedACH system was in place, banks and other financial institutions that were dependent on the infrastructure of the Federal Reserve were restricted to only being able to perform transactions during specific hours during the weekdays.
Despite parallels to a central bank digital currency (CBDC), the United States Federal Reserve maintains that the FedNow service has no relation to CBDCs because the government itself does not carry any fiduciary duty associated with it. The new FedNow system is available around the clock, every day of the year.
