The U. S. Federal Reserve has recently affirmed that it would start to create a system that could be used to make faster payments. Despite having the technology to do it for years, the Fed has not been able to move forward for a while.
During the most recent speech of the Fed board member Lael Brainard today, though, he affirmed that the Fed is looking into
The new service is being called FedNow for the moment and it is used for settlements that can be done almost instantly in the future.
Obviously, some people believe that the Fed might use blockchain technology to do it. The technology has been on the spotlight for quite some time now and it is definitely one of the main technologies that can be used for this kind of situation.
Could This Be An Answer To Facebook’s Libra?
During Brainard speech, he talked about companies which are looking to start their own payment systems. He could not be talking about any other company than Facebook, obviously.
As soon as Facebook’s new product is launched, the world will come to expect real-time payments. If banks are not able to provide them, they will lose to the competition. Because of this, he affirmed that banks will need to focus more on innovation in the coming days in order to continue to be relevant in the market.
The announcement was endorsed by the executive director of Financial Innovation Now, a group that includes companies such as Apple, Google, PayPal, Amazon, and Square. Brian Peters affirmed that this is a bold step into the future and that real-time payments will be the foundation of innovation in the U. S.
XRP Community Bets Fed Will Use Ripple Technology
Despite nobody at the Fed affirming that they would use Ripple, the people from the XRP community seem to be pretty sure of that. Some people on social media are affirming that this new system will be based on technology. That is very unlikely, though. Some private banks may use XRP, but it would be really surprising to see the U. S. government using it.
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