The United States Federal Reserve is reportedly making strides with its real-time payment initiative FedNow Service, via beginning the work on the blockchain infrastructure.

Specifically, the Fed reportedly finalized the official introduction of the FedNow Service Provider Showcase, looking to equip financial institutions and users with a wide array of services, to assist them in the implementation of the FedNow Service – going to be rolled out in 2023. 

Upon release, the showcase will reportedly come with over 70 profiles and service providers that offer facilitating features for instant payments, including a New York-headquartered blockchain firm, concentrating primarily on instant payment solutions, blockchain interoperability, and central bank digital currencies (CBDC).

The platform has reportedly gathered a reputation of having involvement in blockchain initiatives in China, including collaborating with Suzhou City Municipal regarding the city’s development of blockchain Infrastructure.

Different providers in the showcase were reportedly also services such as BNY Mellon Immediate Payments, Mastercard Track Business Payment Service, and ePayments.

Head of Cypherium, Sky Guo, additionally remarked that they are the only entity dealing with blockchain that made the cut so far and that consumers will have the freedom to use Cypherium’s digital wallet or blockchain as part of the FedNow payment initiative. 

“We will provide a digital wallet for users to access FedNow services, enabling FedNow to interact with other payment systems like RTGS, blockchains, payment solution providers, and others.” Cypherium’s technology will also enable interoperability with other payment solutions.

FedNow business executive Nick Stanescu further revealed that the fact that Cypherium taking part in the initiative will help “organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”