The U.S. Federal Reserve has selected a major Ripple client, ACI Worldwide, for its pilot program for the future start of a new real payments service, FedNow.
In the meantime, Dubai-based LuLu exchange has joined RippleNet to accelerate payments from the UAE to India.
ACI Worldwide to work on the FedNow pilot
According to a piece by Business Wire, the Fed is working on a pilot program called FedNow Service, which will allow banks in the U.S. to conduct seamless payments in real time to both retail clients and corporate customers.
The Fed has chosen Ripple customer ACI Worldwide for participation in this pilot program which will provide support for the development, trials and adoption of FedNow.
As for ACI's role in particular, it will help the new service form its functions and features, ensure its readiness for trials and test the service first before its launch.
At present, the company provides support for almost 20 real-time payments across the globe and processes around 50 percent of the U.K.'s Faster Payments, as well as collaborating with other major payments services across the planet.
RippleNet to enhance payments from UAE to India
Currency exchange LuLu, located in Dubai, has joined RippleNet and is collaborating with Federal Bank of India in order to accelerate real-time payments from the UAE to India and reduce the commission.
LuLu has nearly 80 branches in the UAE, and they all plan to offer remittances and payments using RippleNet.
Arman Shirinyan
Valeria Blokhina
Urvashi Verma