- Volante Technologies, the cloud payments leader and Ripple partner, has completed the pilot test on the US Federal Reserve’s instant payments system, FedNow.
- Industry proponents argue that the FedNow will benefit XRP and Ripple indirectly as Ripple and its partners have worked on the system.
Ripple partners ACI Worldwide, Volante Technologies, and Finastra have been actively working on developing FedNow, the US Federal Reserve’s instant payments system. The cloud payment leader among the partners, Volante Technologies, has been working with a prominent custodian bank to conduct the piloting stage of the system successfully. The two groups tested the ‘send,’ ‘receive,’ and ‘bank-to-bank’ transfer features to help banks adapt to the new network.
The FedNow network is set to premiere on July 20, 2023. In the meantime, financial institutions can test their connectivity ability to the FedNow network with Volante and offer instant payment services.
The U.S. Faster Payments Council (FPC) Executive Director, Reed Luhtanen, said:
For banks embarking on their instant payments journey, Volante Technologies has been a steadfast partner, providing innovative solutions and expertise. Their commitment to driving industry progress and supporting financial institutions is commendable. As a sponsor of the FPC’s annual Barometer survey, Volante actively evaluates payment system stakeholders, enabling us to assess the advancements, trends, and challenges surrounding faster payments in the United States.
Volante provides “a single solution to support all U.S. real-time payments, including The Federal Reserve’s FedNow service, The Clearing House RTP® and Zelle®, available on-premise, in the cloud or as a payments-as-a-service model.”
The Volante Technologies’ global head of payments, Deepak Gupta, said:
Key features such as the ability to automate payments and flexibility of funds are driving businesses toward faster payment options which they leverage to lower costs and help manage cash flow.
The US Federal Reserve has released a list of 57 financial firms allowed to use the FedNow instant payments system for a start. The list includes prominent firms such as JPMorgan Chase, Wells Fargo, US Bancorp, and Bank of New York Mellon.
FedNow program executive, Ken Montgomery, said:
We are on track for the FedNow Service launch, with a strong cohort of financial institutions and service providers of all sizes in completing the final round of readiness testing.
Will Ripple and XRP benefit from the FedNow Network?
Ripple integrated partners, CGI and Volante, power FedNow and the crypto community have claimed that the network might benefit Ripple’s XRP. Some insinuate that Volante subscribers can use XRPP on its platform since it is connected with Ripple.
💥RIPPLE PARTNER AND FEDNOW SERVICE PROVIDER VOLANTE SAYS THAT CUSTOMERS CAN USE XRP ON ITS PLATFORM SINCE ITS CONNECTED TO RIPPLE + VOLANTE SELECTED FOR US FEDWIRE SERVICE PROVIDER IN THE CLOUD 😎😎😎😎😎😎😎😎😎😎😎😎😎😎😎😎😎💥 pic.twitter.com/xXQKM0kE6z
— ISO 20022…. LET'S DO IT (@Rohitku24694375) June 26, 2023
According to expert market analysis, the XRP price has been bullish since June 30, and the price might jump above $0.55 in a bullish breakout. Additionally, June is a crucial month for the coin based on the Ripple vs. SEC lawsuit proceedings and on-chain data that might push the price to $1.
