Metallicus achieves FedNow Transaction Certification.

Digital banking network Metallicus has completed its testing and certification phase and has launched its services on the US Federal Reserve’s FedNow instant payments platform.

The announcement on October 22 comes over a year after the Fed announced the integration of Metal Blockchain with FedNow, emphasizing the lengthy certification process as the central bank aims to onboard thousands of financial institutions over time. According to Don Berk, Metallicus’ chief operating officer, the company has worked diligently to become certified as a service provider for financial institutions on the FedNow Service.

The Metal Blockchain is an open, low-zero Avalanche fork designed to be secure and infinitely scalable. The platform’s design allows for the deployment of an infinite number of subnets, each capable of processing 4,500 transactions per second. One of the main advantages of the Metal Blockchain is its support for multiple programming languages and built-in support for DApps and smart contracts.

The US Federal Reserve launched its FedNow payments service in July 2023 to allow instant payments and replace the outdated FedACH system. With FedACH, banks and financial institutions were limited to conducting transactions on weekdays during specific hours. The new FedNow system operates 24/7 and is about five times cheaper to use than traditional wire services, according to the government.

Despite comparisons to a central bank digital currency (CBDC), the US Federal Reserve clarifies that the FedNow service is not related to CBDCs, as the government itself has no fiduciary liability.

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