Metallicus validates the FedNow transaction
Digital banking network Metallicus has announced that it has completed its testing and certification phase and launched its service on the FedNow instant payment platform of the United States Federal Reserve.
The Oct. 22 announcement comes more than a year after the Fed announced its integration of the metal blockchain with FedNow, highlighting a lengthy certification process the central bank aims to bring thousands of financial institutions on board over time.
Per Don Burke, Chief Operating Officer of Metallicus:
“Metallicus has worked diligently to obtain certification as a service provider for financial institutions on the FedNow service. We have been working closely with our banking partners and our engineering team to secure this certification, which will bring greater connectivity to the Metallicus digital banking network.”
Metal Blockchain
The Metal Blockchain is an open, layer-zero Avalanche fork. According to its developers, it's designed to be secure and, in theory, infinitely scalable.
According to information provided on the project's website, the design “allows for the deployment of an unlimited number of subnets capable of processing 4,500 transactions per second.”
One of the main draws to the platform is its built-in support for multiple programming languages and DApps and smart contracts.
An image posted on X.com shows the Metal Blockchain digital banking network. Source: Metal Blockchain
FedNow
The US Federal Reserve launched its FedNow payment service in July 2023. It is designed to facilitate faster payments and replace the previous system known as FedEx.
Federal Reserve Infrastructure Banks and other financial institutions rely on the Federal Reserve's infrastructure to conduct transactions during certain hours of the weekdays through the FEDACH system.
The new FedNow system is available 24 hours a day, 365 days a year and is about five times cheaper than traditional wire services, according to the government.
Related: US Treasury Strategy Strengthens Virtual Property Rules, Increases Use of AI
Despite comparisons to Central Bank Digital Currency (CBCC), the US Federal Reserve maintains that the FedNow service has nothing to do with CBCCs.
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