• Volante Technologies, a Ripple partner and cloud payment leader, has completed the pilot test for the US Federal Reserve’s instant payments system, FedNow.
• The system is set to debut on July 20th and financial institutions have started testing their connectivity with Volante to offer instant payment services.
• 57 financial firms such as JPMorgan Chase, Wells Fargo, US Bancorp and Bank of New York Mellon are allowed to use the FedNow system.
FedNow Testing Completion Brings Promising Outlook for Ripple and XRP
Volante Technologies, a Cloud payments leader and Ripple partner, has completed the pilot test on the US Federal Reserve’s instant payments system called FedNow. This brings promising outlooks for both Ripple and XRP as they have been actively involved in developing it. The FedNow network is scheduled to launch on July 20th this year while other financial institutions can already begin testing their connectivity with Volante in offering instant payment services. Furthermore, 57 financial firms including JPMorgan Chase, Wells Fargo, US Bancorp and Bank of New York Mellon are approved to use the FedNow system.
Volante Technologies Working With Custodian Banks
Volante Technologies have been working together with custodian banks in order to conduct piloting stage of the systems successfully. The two groups tested out features like ‘send’ ‘receive’ and ‘bank-to-bank’ transfer in order to help banks adapt better to new networks. Reed Luhtanen who is also Executive Director of U.S Faster Payments Council (FPC) had commented that: “For banks embarking on their instant payments journey, Volante Technologies has been a steadfast partner providing innovative solutions and expertise.“ Meanwhile Global Head of Payments for Volante Technologies; Deepak Gupta had also commented: “Key features such as ability to automate payments and flexibility of funds are driving businesses toward faster payment options which they leverage lower costs and help manage cash flow.“
The Federal Reserve Allowing Financial Firms
The US Federal Reserve has officially released a list consisting of 57 financial firms which are allowed access into using the FedNow instant payments system at first launch. Some major name included in this list include JPMorgan Chase, Wells Fargo ,US Bancorp & Bank of New York Mellon . However more financial firms will be added later down the line when bank gets more comfortable adapting with these new networks .
Benefits For Ripple And XRP
Industry proponents argue that the FedNow will benefit XRP & Ripple indirectly due it them being involved directly or indirectly in developing it . In conclusion , with more accepted being given access into using this Fednow System means that there could be potential positive price catalysts for both Ripple & XRP when it launches .
The completion of pilot tests for US Federal Reserves‘ Quick Payment System (Fednow) would bring about beneficial opportunities both for Ripple & XRP due its involvement during development stages . This will allow more accepted access into using this service come launch date July 20th leading up further positive price catalysts ahead .