Originally published on: October 22, 2024
In exciting news for the digital banking world, Metallicus has officially completed its testing and certification phase, paving the way for its services to launch on the US Federal Reserve’s FedNow instant payments platform.
The much-anticipated announcement on Oct. 22 marks a significant milestone for Metallicus, following the Fed’s integration with Metal Blockchain over a year ago. This certification process underscores the rigorous standards set by the central bank as it aims to onboard numerous financial institutions in the future.
According to Don Berk, Metallicus’s chief operating officer, the Metal Blockchain is a cutting-edge, open, layer-zero Avalanche fork that prioritizes security and scalability. The platform’s innovative design allows for an infinite number of subnets, each capable of processing an impressive 4,500 transactions per second.
What sets Metal Blockchain apart is its versatile support for multiple programming languages, as well as its seamless integration of DApps (decentralized applications) and smart contracts. This flexibility and functionality make it an attractive option for financial institutions looking to streamline their operations.
The FedNow payment service, launched by the US Federal Reserve in July 2023, has revolutionized instant payments by providing a 24/7, 365-day platform that is significantly more cost-effective than traditional wire services. This modern system replaces the outdated FedACH system, offering banks and financial institutions greater convenience and efficiency in conducting transactions.
While some have likened FedNow to a central bank digital currency (CBDC), the Federal Reserve has clarified that there is no direct correlation between the two. FedNow operates independently of CBDCs, with the government maintaining no fiduciary liability.
As the digital banking landscape continues to evolve, Metallicus’s certification on the FedNow platform signals a new era of innovation and efficiency in the realm of instant payments. Stay tuned for more updates on the latest advancements in the world of digital banking by subscribing to our newsletter for exclusive insights and analysis.
