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FedNow Fed Ripple

US Fed To Launch FedNow In July, Countering Ripple?

Dalmas Ngetich by Dalmas Ngetich
2 months ago
in Cryptocurrency Market News
Reading Time: 3 mins read
The United States Federal Reserve (Fed) will launch the FedNow service in July 2023, according to an announcement on March 15.

FedNow Launching In July

FedNow is a service that allows banks to transfer funds speedily across the broader financial system in the country. Described as a “modern” instant payment service, the platform was first announced in 2019, but the Fed plans to activate the service in the next few months. 

Related Reading: Will The United States Federal Reserve Bail Out Silicon Valley Bank?

From the first week of April, the Fed will begin certifying participating banks ahead of launch. Those willing to take part will have to complete a customer testing and certification program. The details of the program were derived from the FedNow pilot program. Information collected, the Fed says, will aid early adopting banks in preparing before they begin initiating live transactions.

Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive, wants financial institutions to gear up ahead of the launch. FedNow, he says, is open for all regulated banks in the country.

We couldn’t be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution. With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service.

Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor, said the platform would be adaptive, resilient, and accessible.

A Blow To Ripple?

The announcement of FedNow is amid the proliferation of alternative, blockchain-based solutions, especially Ripple.

Ripple Inc., the blockchain company closely associated with XRP, a cryptocurrency native to the XRP Ledger, aims to offer cheap, instant cross-border payment solutions for banks.

At the core of their service, through the Liquidity Hub, Ripple allows banks, some of whom are part of the RippleNet, to use XRP and move funds. 

Ripple Price On March 16| Source: XRPUSDT On Binance, TradingView
Ripple Price On March 16| Source: XRPUSDT On Binance, TradingView

By leveraging a cryptocurrency, Ripple enables partnering banks to move funds globally more efficiently. As they do so, transactions are settled instantaneously. Over the years, partners, leveraging the Liquidity Hub, have been able to utilize the platform for their varied needs. 

Related Reading: U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React?

However, as it appears, the Fed is now offering an alternative to banks in the United States to move funds across the financial system, using their solution. 

Ripple has an ongoing case against the United States Securities and Exchange Commission (SEC) as the regulator claims that XRP, the token key in Ripple’s cross-border payment solution, is an unregistered security. 

The SEC has also issued a Wells Notice to Paxos, the issuer of BUSD. In the letter, the regulator said the stablecoin is a security. 

Feature Image From Canva, Chart From TradingView
Tags: fedfederal reserveFedNowRipplesecxrp
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Dalmas Ngetich

Dalmas Ngetich

Dalmas is a crypto reporter covering NFTs, blockchain, DeFi, and blockchain news for NewsBTC. He’s part of a team of talented team working on bringing latest crypto development across the board. Dalmas is also the ex-founder of btc-pulse.com, a crypto news outlet. Dalmas has over 10 years of experience covering Forex, general finance, technology, and blockchain developments. His work and that of his partners has been featured in top news outlets including investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. He’s passionate about technology and politics. When he’s not keeping tabs on crypto events, you’ll find him out in nature, exploring and traveling with family and friends. You can follow Dalmas on Twitter @Dalmas_Ngetich or ping him on Telegram @Dalmas_Ngetich

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