The Metallicus Digital Banking Network has just announced the completion of the testing and certification phase, and the launch of its service on the FedNow instant payment platform of the United States Federal Reserve.
The announcement on October 22 came more than a year after the Fed announced the integration of the Metal Blockchain with FedNow, highlighting the lengthy certification process as the central bank aims to connect thousands of financial institutions over time.
According to Mr. Don Berk, CEO of Metallicus:
"Metallicus has worked diligently to be certified as a service provider for financial institutions on the FedNow service. We have worked closely with our banking partners and engineering team to ensure we receive this certification, providing greater connectivity for the Metallicus Digital Banking Network."
Metal Blockchain
Metal Blockchain is an open, layer-zero version of the Avalanche race. According to the project's developers, it is designed to ensure security and theoretically unlimited scalability.
Information on the project's website shows that this design "allows the deployment of countless subnets, each capable of processing 4,500 transactions per second."
One of the biggest attractions of this platform is the support for multiple programming languages and integrated support for Decentralized Applications (DApps) and smart contracts.
An image posted on X.com showing the Metal Blockchain digital banking network. Source: Metal Blockchain.
FedNow
The United States Federal Reserve launched the FedNow payment service in July 2023. This service is designed to facilitate instant payments and replace the outdated FedACH system.
With the FedACH system, banks and other financial institutions relying on the Federal Reserve's infrastructure could only conduct transactions on certain days of the week during limited hours.
The new FedNow system operates 24 hours a day, 365 days a year, and according to the government, the cost of using it is around 20% of traditional money transfer services.
Although there are comparisons to central bank digital currencies (CBDCs), the United States Federal Reserve has stated that the FedNow service is not related to CBDCs, as the government does not bear the financial responsibility.
