Metallicus Completes FedNow Certification and Launches Digital Banking on Instant Payments Platform

Metallicus, a digital banking network, has announced the successful completion of its testing and certification for the FedNow instant payments platform developed by the United States Federal Reserve. The announcement marks a significant milestone in their partnership, initially declared in mid-2023. Don Berk, COO of Metallicus, highlighted their efforts in collaboration with banking partners and the engineering team to achieve this certification. This development leverages the Metal Blockchain, an Avalanche-based platform known for high scalability and support for diverse programming languages, which enhances the functionalities of DApps and smart contracts. The FedNow platform, launched in July 2023, replaces the older FedACH system and provides around-the-clock instant payment capabilities, which are more cost-effective than traditional wire services. Despite having characteristics akin to a central bank digital currency, the Fed asserts that FedNow is independent of any CBDC initiatives.