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Metallicus, a digital banking network, has launched its services on the FedNow instant payments platform run by the US Federal Reserve. Metallicus’ COO, Don Berk, stated that the company underwent a lengthy certification process to offer its services to finance firms on FedNow. The technology behind Metallicus is the Metal Blockchain, an open, scalable development built off of Avalanche that supports multiple coding languages and smart contracts. The FedNow service, launched by the US Federal Reserve in July 2023, is able to process instant payments and is considerably cheaper than traditional money transfer services.

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Metallicus, a digital banking network, has wrapped up its testing and certification phase and has launched its services through the FedNow instant payments platform, which is run by the US Federal Reserve.

This update was shared on October 22, just over a year after the Fed mentioned that Metal Blockchain, Metallicus’ tech, is integrated with FedNow. This shows the long certification process, as the central bank plans to slowly enlist thousands of finance firms over time.

The COO of Metallicus, Don Berk, stated that the company has been working hard to get certified as a service provider to finance firms on the FedNow Service. They’ve been partnering with banks and their tech team to secure this certification, which makes the Metallicus Digital Banking Network more connected than ever.

The tech behind Metallicus, Metal Blockchain, is an open, scalable, super-secure development that’s built off of Avalanche. It can support an unlimited number of subnetworks, which can each process 4,500 transactions in a second. A cool feature of the platform is its support for multiple coding languages, along with built-in support for DApps and smart contracts.

FedNow, a payment service by the US Federal Reserve, first came out in July 2023. It’s a modern, around-the-clock platform that can process instant payments, much more advanced than the outdated FedACH system that had business hours restrictions. FedNow is almost five times cheaper to use than traditional money transfer services.

While some people compare it to a central bank digital currency (CBDC), the US Federal Reserve has said that the FedNow service isn’t linked to CBDCs because the government doesn’t hold any fiduciary liability.

Source: Cointelegraph