FedNow's faster payments service, will they use XRP & Ripple?

[HAL1000]

Article published 7 hours ago in the Wall St Journal:-

Fed Plans 2023 Launch of Long-Anticipated Faster Payments System

‘FedNow’ would compete with private-sector system that some smaller lenders have been reluctant to use.

WASHINGTON—The Federal Reserve is set to launch a long-awaited faster payments system by next summer, a step that officials say will modernize an outmoded infrastructure and ensure that near-instant payments become widely available.

The new system would allow bill payments, paychecks and other common consumer or business transfers to be available quickly and round-the-clock, a change from an existing system that is closed on weekends and can at times take several days before funds become available. Last year, those older rails handled more than 29 billion payments, valued at close to $73 trillion.

The Fed system would also compete with another real-time network built and launched by big banks in 2017, which processes a much smaller volume of payments.

The Fed has said its system, to be called FedNow, would provide a second option in the market that would lower costs, improve efficiency and reduce the vulnerability of the financial system. That could be attractive to some smaller lenders that have been reluctant to use the big-bank system. As with that other system, the Fed would charge only enough to recoup its costs.

https://www.wsj.com/articles/fed-plans-2023-launch-of-long-anticipated-faster-payments-system-11661778001

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Keep in mind who used to work at Ripple - Michael S. Barr, Vice Chair for Supervision, now at:-

https://www.federalreserve.gov/aboutthefed/bios/board/barr.htm

Michael S. Barr took office as the Vice Chair for Supervision of the Board of Governors of the Federal Reserve System on July 19, 2022 for a four-year term. He also serves as a member of the Board of Governors for an unexpired term ending January 31, 2032.

https://crypto.news/regulation-former-ripple-labs-adviser-michael-barr-now-feds-vice-chairman/

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Speculation, will FedNow use XRP and Ripple or not?????

There are many rumours but no hard facts.

https://ripple.com/insights/federal-reserve-task-force-ripple-improves-speed-transparency-global-payments/

Edited August 30, 2022 by HAL1000

[HAL1000]

 

[HAL1000]

BUT - there's also this:-

https://www.cypherium.io/

https://www.cypherium.io/case-study/fednowsm-services-chooses-cypherium-as-service-provider/
I know NOTHING about Cypherium - so anybody know anything about this?

According to Cypherium CEO, the only other blockchain-related participant in the Faster Payments Council (FPC) is blockchain payment firm Ripple.

It is on the the FedNow website!

https://explore.fednow.org/explore-the-city?id=10&building=showcase-theater&page=2&postId=52&vendor=cypherium-blockchain-inc

Edited August 30, 2022 by HAL1000

[Duke67]

Team Cypherium : https://cypherium.medium.com/cypherium-new-business-team-ec72ef2f41f3

I am sure they are smart and nice and capable people, nice website and everything. The about/team page is linked to a medium hosted page, 6 people, history of 2 years... This must be some summer project by a university in Belgium, or some research project funded by EU commission!

[HAL1000]

Keep an eye out for this:-

as seen in this vid from Volante:-

Volante / The FED & Ripple =

Edited August 30, 2022 by HAL1000

[HAL1000]

 

[HAL1000]

And Moony Lambo SAY'S NO

Who knows, he said it has nothing to do with crypto, see Cypherium above, which is on the Fednow website?

Edited August 31, 2022 by HAL1000

[HAL1000]

 

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