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Federal Reserve's FedNow Service Excludes Blockchain Companies from Instant Payment Solution

July 5 (Cointime) - The Federal Reserve's new instant payment solution, FedNow, will allow financial institutions of all sizes in the United States to provide faster payment services, similar to popular payment apps like Venmo and Cash App. The service will remove waiting periods for online payments to clear or checks to process, allowing payers to send funds on the day they are due.

However, blockchain firms have been largely omitted from the program, with only two networks, including Tassat Group's client-facing API, being allowed to connect to it. The United States has lagged behind other countries in payment infrastructure, but FedNow aims to catch up when it launches in late July.

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