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Blockchain operator Tassat announced on March 14 that it would provide access to the United States Federal Reserve\u2019s FedNow payment system. FedNow, which will launch as a pilot project later this year, will provide real-time, round-the-clock payment service.<\/p>\n
Tassat will serve as a business-to-business on-ramp for FedNow through a client-facing application programming interface, CEO Kevin Greene told Cointelegraph. Both the company\u2019s interbank and intrabank services will provide FedNow access. <\/p>\n
The FedNow pilot is expected to begin in June or July with a small number of banks. The system will offer real-time gross settlement by funneling commercial bank money from a sender through a Fed credit account to its recipient. It is often seen as a non-blockchain alternative<\/a> to central bank digital currency\u00a0and stablecoins<\/a>.<\/p>\n FedNow will initially be available only for domestic transfer, which suited Greene. \u201cWe have a lot of work to do here in America,\u201d he said. He referred to the U.S. financial infrastructure as \u201cantiquated.\u201d<\/p>\n Fednow\u2026 pic.twitter.com\/OGRW3kUUBh<\/a><\/p>\n \u2014 MetaMan X ™️ (@MetaMan_X) March 8, 2023<\/a><\/p><\/blockquote>\n Tassat has a pipeline of six banks, which include the recently shuttered Signature Bank. Greene said of the recent bank closures:<\/p>\n \u201cRecent events have illuminated the existential crisis that small, mid-sized and regional banks face, particularly being squeezed out by the mega banks.\u201d<\/p><\/blockquote>\n Blockchain adoption is progressing rapidly in the banking system, according to Greene. \u201cSixteen months ago, most bank CEOs didn\u2019t know much about blockchain at all,\u201d he said, \u201cand today, the feeling is [\u2026] they have to have some kind of blockchain strategy.\u201d Greene added that Tassat had doubled its employees to 90 in the past 12 months.<\/p>\n\n