Ripple customer Volante Technologies, which is one of the leaders in the sphere of cloud-based payments and financial messaging, has spread the word that it will take part in creating the FedNow service—a pilot of a payments service of the U.S. Federal Reserve that is going to improve payments for banks and retail users.
Another Ripple customer to work on FedNow development
In a press release published by Volante, the company stated that it will join the U.S. central bank in developing a new payment solution called FedNowSM Service.
It will enable U.S. banks and citizens to seamlessly conduct payments in real-time mode. Volante is one of numerous Ripple clients and a member of the U.S. Faster Payments Council.
Apart from that, Volante works with banks around the globe and, in particular, it helps banks in the European Union, UAE, Mexico, and other locations, to process instant payments for their customers.
Now, it will help the Federal Reserve to create and launch its FedNow payment solution for banks. FedNow is an ISO 20022-based network.
Earlier, U.Today reported that RippleNet already uses this ISO 20022 standard for payment networks.
The solution is to be launched in 2023-2024, according to the press release.
As covered by U.Today previously, Ripple customer ACI Worldwide had also been selected by the Fed to help it develop FedNow.