Federal Reserve Collaborates with Cyppherium for Instant Payment Service

The Federal Reserve in the US officially launched the first-ever FedNow Service Provider Showcase on Tuesday that aims to offer financial users and institutions a wide variety of financial services to implement FedNow that will be launched in 2023. 

After the launch, the FedNow showcase will include over 70 service providers and profiles that will instantly support crypto payments, such as Cypherium, a blockchain company based in New York that focuses on near-instant payment solutions, CBDC (Central Bank Digital Currencies), and blockchain interoperability. The company is popularly known for being a part of blockchain projects in China, including the cooperation with the Suzhou City Municipal for the blockchain infrastructure development of the city.

Other service providers in FedNow showcase include financial services such as Mastercard Track Business Payment Service, BNY Mellon Immediate Payments, and ePayments. 

CEO of Cypherium, Sky Guo, mentioned to Cointelegraph that the company is the only blockchain firm selected for this purpose so far and added that the clients would be allowed to use the blockchain technology or digital wallet of Cypherium as a part of FedNow payment service. He also mentioned that the technology used by Cypherium would enable interoperability with various other payment services for consumers through the participation of the financial institutions under the FedNow service.

Nick Stanescu, the business executive at FedNow, discussed the participation of Cypherium and how it will help the organizations in the project in identifying and connecting with partners, and to do this, they will require building end-to-end financial solutions that the market is always demanding. 

Cointelegraph previously reported that the US Federal Reserve Board had officially advanced its plans to launch the FedNow in 2019 with the ultimate objective of allowing the US banks and financial institutions of various sizes to offer real-time payments to all customers by the end of 2023.

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Excluding the FedNow Service Provider Showcase, Cypherium is also a member of the United States Faster Payments Council. FPC is an organization that aims to offer an inclusive payment system worldwide, and it was established in 2019. As stated by the CEO of Cypherium, Ripple, the blockchain payment company, is the only other blockchain-based participant in the Faster Payments Council.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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