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Ripple Client Volante Technologies Joins Fed Reserve's FedNow Payments Pilot

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Tue, 02/02/2021 - 14:26
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Yuri Molchan
RippleNet member Volante Technologies, a major company in the sphere of cloud payments, is to collaborate with the US Fed Reserve on its FedNow payments solution pilot
Ripple Client Volante Technologies Joins Fed Reserve's FedNow Payments Pilot
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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 servicea pilot of a payments service of the U.S. Federal Reserve that is going to improve payments for banks and retail users.

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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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.