{"id":55232,"date":"2023-07-26T07:33:36","date_gmt":"2023-07-26T11:33:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=55232"},"modified":"2023-07-26T07:33:40","modified_gmt":"2023-07-26T11:33:40","slug":"fednow-goes-live-with-ripple-partner-volante-technologies","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/fednow-goes-live-with-ripple-partner-volante-technologies\/","title":{"rendered":"FedNow Goes Live with Ripple Partner Volante Technologies"},"content":{"rendered":"\n

The Federal Reserve has launched its real-time gross settlement system, FedNow, with the help of Volante Technologies, a fintech firm that partners with Ripple.<\/p>\n\n\n\n

\"FedNow<\/figure>\n\n\n\n

The new service aims to modernize the U.S. payment system and enable instant transactions across the country.<\/p>\n\n\n\n

The Federal Reserve, the central bank of the United States, has officially introduced its real-time gross settlement (RTGS) system, FedNow\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which allows banks to send and receive payments instantly. <\/p>\n\n\n\n

The service is currently limited to domestic transactions only as a precautionary measure to ensure a smooth and error-free live environment.<\/p>\n\n\n\n

The introduction of FedNow marks a significant milestone in the nation\u2019s payment system modernization. <\/p>\n\n\n\n

The new technology enables faster and more efficient payment processing for individuals and businesses. It also contributes to the enhancement of liquidity, settlement, and financial inclusion.<\/p>\n\n\n\n

A FedNow Partner and Ripple Customer<\/h4>\n\n\n\n

One of the key contributors to the development and testing of FedNow is Volante Technologies<\/use><\/svg><\/span><\/a>, a fintech firm specializing in cloud-based payments and financial communications. <\/p>\n\n\n\n

Volante is also a partner of Ripple<\/a>, the blockchain company behind the XRP cryptocurrency and the RippleNet payment network.<\/p>\n\n\n\n

Volante has been working with the Federal Reserve since 2017 to provide its VolPay solution for FedNow. <\/p>\n\n\n\n

VolPay is a cloud-native platform that simplifies and accelerates payment integration, processing, orchestration, and messaging. Additionally, it supports various payment standards and protocols, such as ISO 20022, SWIFT, RTP, and FedWire.<\/strong><\/p>\n\n\n\n

Volante is one of the 110 organizations<\/strong> from the FedNow Community that participated in the pilot program for FedNow. <\/p>\n\n\n\n

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Proud to be leading the way in implementing the @federalreserve<\/use><\/svg><\/span><\/a> upcoming instant #payment<\/use><\/svg><\/span><\/a> offering, #FedNow<\/use><\/svg><\/span><\/a>\u2120 Service as a #pilot<\/use><\/svg><\/span><\/a> participant: https:\/\/t.co\/8r3MfhMvM0<\/use><\/svg><\/span><\/a> pic.twitter.com\/TfczCONW8U<\/use><\/svg><\/span><\/a><\/p>— Volante Technologies (@volantetech) February 1, 2021<\/use><\/svg><\/span><\/a><\/blockquote>

The FedNow Community consists of financial institutions, service providers, trade associations, and other stakeholders that provide feedback and support for the FedNow service.<\/p>\n\n\n\n

A Potential Beneficiary of FedNow<\/h4>\n\n\n\n

Ripple has partnered with over 300 financial institutions<\/strong> around the world, including banks, payment providers, remittance companies, and digital asset exchanges.<\/p>\n\n\n\n

Ripple could potentially benefit from FedNow in several ways:<\/p>\n\n\n\n