Federal Reserve operates with China’s blockchain ally for instant payments

The United States Federal Reserve is moving ahead with its real-time payment project FedNov Service by initiating with the blockchain infrastructure.

The Fed officially introduced the FedNov Service Provider Showcase, targeting to offer financial institutions and users a variety of services to aid them to implement FedNov Service, which launches in 2023.

At launch, the showcase incorporated more than 70 service providers and profiles that support instant payments, including a New York-based blockchain firm, based on instant payments solutions, blockchain interoperability, and CBDC (central bank digital currencies). The platform is popular for its involvement in Chinese blockchain projects, including cooperation with Suzhou City Municipal for the city’s development of blockchain infrastructure.

Other providers in the showcase included services like Mastercard Track Business Payment Service and ePayments and BNY Mellon Immediate Payments.

Business executive of FedNov Nick Steanescu highlighted that Cypherium’s participation in the project will aid ‘firms to identify and connect with partners they’ll require to build the end-to-end solutions the market is demanding.’

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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