Yesterday, the US Federal Reserve Board announced a new payment system. While the new Fed project has shocked some in the crypto community, the Ripple community seem to be thrilled about the new settlement service.
The Near-Instant FedNow Service
According to a press release published yesterday, the Federal Reserve Board is developing a new “round-the-clock” real-time payment and settlement service dubbed “FedNow”.
The FedNow Service will feature near-instantaneous transactions that will be processed day and night and all days of the week, including weekends.
“The rapid evolution of technology presents a pivotal opportunity for the Federal Reserve and the payment industry to modernize the nation’s payment system and establish a safe and efficient foundation for the future,” the press release stated.
In addition to FedNow, the Federal Reserve Board has also announced that it is exploring the expansion of its FedWire Funds and National Settlement services to support up to 24x7x365 as well as faster payments.
Ripple Community Is Thrilled
The Fed’s announcement has generated such a hype in the Ripple community that the number of the FedNow-connected Ripple searches has increased significantly in Google.
Curious to see @Ripple‘s response to Fed Now.
It’s clear (at least some) $XRP holders are feeling the heat – just check Google searches. Not trying to spread FUD, but looking forward to see how this plays out.
— The Crypto Dog📈 (@TheCryptoDog) August 6, 2019
More Good News For Ripple?
While neither the feds nor Ripple has officially confirmed that FedNow will use Ripple’s network or even blockchain technology, some facts support the claims of XRP users.
First, Ripple Global Head of Infrastructure Innovation Dilip Rao tweeted yesterday, calling the launch of the FedNow Service a “great move”.
— Dilip Rao (@diliprao) August 5, 2019
Secondly, Ripple has been a part of the Federal Reserve’s Faster Payments Task Force with the company’s Head of Research on the Business Development team Ryan Zagone elected as the member of the Task Force’s Steering Committee in 2015.
Finally, Ripple published a blog post on July 2017 on the Fed Task Force action plan for faster payments being released. According to Ripple, the action plan highlighted “Ripple’s ability to underpin the next generation of cross-border payments.”
The organization has more good news incoming as the payments company MoneyGram has recently revealed that it is piloting Ripple’s xCurrent network and XRP crypto for cross-border transactions.
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