- Volante Technologies, a partner of Ripple, has successfully completed pilot testing of the US Federal Reserve’s instant payment system, FedNow, with a major US-based custodian bank.
- The completion of FedNow testing by a Ripple partner prompts speculation that Ripple and XRP may benefit indirectly when FedNow launches in July.
Ripple’s associate companies such as Volante Technologies, ACI Worldwide, and Finastra are diligently engaged with the US Federal Reserve’s instant payment system, FedNow. In the latest development, cloud payments leader Volante Technologies has triumphantly concluded pilot testing of the FedNow instant payment service with a prominent custodian bank based in the US. Speculations are rife that Ripple and XRP might reap indirect benefits from the launch of FedNow, considering Volante’s collaboration with Ripple on various payment solutions.
Volante Technologies has been in partnership with a prominent custodian bank to ensure the successful completion of pilot testing on the FedNow instant payment service. The testing involved various functions like send, send/receive, and bank-to-bank transfers, essential aspects to help banks integrate with the FedNow network.
FedNow is slated for a launch on July 20. Meanwhile, banks can examine their connection capabilities to the FedNow network using Volante to extend instant payment services to their customers. In the words of Deepak Gupta, the Global Head of Payments as a Service at Volante Technologies, the drive towards faster payment options is fueled by features like payment automation and flexible funds usage, which contribute to cost reduction and effective cash flow management.
The US Federal Reserve has released the names of 57 financial firms scheduled to be the early adopters of the FedNow instant payment system. The list includes influential financial institutions such as JPMorgan Chase, Bank of New York Mellon, US Bancorp, and Wells Fargo. FedNow program executive Ken Montgomery has confirmed the readiness of the FedNow Service launch, noting the ongoing final readiness testing involving several financial institutions and service providers.
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In the Ripple and XRP ecosystem, Volante and CGI, both integrated Ripple partners, are the powerhouse behind FedNow. This link has led to speculation within the community that Ripple and XRP are set to benefit from the progress. Some proponents suggest that Volante’s customers may utilize XRP on its platform due to its integration with Ripple, as both firms have been collaboratively developing payment solutions.
XRP’s current market value stands at $0.47, with a 2% uptick in the last 24 hours. CoinGape Markets analysis suggests that the price of XRP might experience a bullish breakout, potentially exceeding $0.55, although it also runs the risk of declining to $0.40.
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