Ripple Partner Volante Completes FedNow Testing With Custodian Bank, XRP To $1?

30 June 2023

in XRP

Reading Time: 6 mins read

Ripple partners such as Volante Technologies, ACI Worldwide, and Finastra are actively working on the US Federal Reserve’s instant payments system FedNow. Cloud payments leader Volante Technologies has successfully completed pilot testing on the FedNow instant payments service with a leading US-based custodian bank. Proponents claim FedNow to indirectly benefit Ripple and XRP as Volante and Ripple have worked on various payment solutions.

Ripple Community on Volante Technologies and FedNow

Volante Technologies is working with a leading custodian bank to help it successfully complete pilot testing on the FedNow instant payments service. The parties tested send, send/receive, and bank-to-bank transfers to help banks adopt the FedNow network.

FedNow is expected to launch on July 20. Meanwhile, banks can test their ability to connect to the FedNow network with Volante for offering instant payment services to their customers.

Deepak Gupta, global head of payments as a service at Volante Technologies, said:

“Key features such as the ability to automate payments and flexibility of funds are driving businesses toward faster payment options which they leverage to lower costs and help manage cash flow.”

Meanwhile, the US Federal Reserve has announced 57 financial firms set to initially use the FedNow instant payments system. It includes financial giants such as JPMorgan Chase, Bank of New York Mellon, US Bancorp, and Wells Fargo.

“We are on track for the FedNow Service launch, with a strong cohort of financial institutions and service providers of all sizes in the process of completing the final round of readiness testing,” said FedNow program executive Ken Montgomery.

Crypto Market Outlook 2023 H2: Bitcoin, Ethereum, Altcoins To Rally Or Headwinds Coming?

Ripple and XRP Price

Volante and CGI both Ripple integrated partners power FedNow and the community claims it will benefit Ripple and XRP. Some claim Volante customers can use XRP on its platform since it is integrated with Ripple. The firm has been working with Ripple to introduce payment solutions.

💥RIPPLE PARTNER AND FEDNOW SERVICE PROVIDER VOLANTE SAYS THAT CUSTOMERS CAN USE XRP ON ITS PLATFORM SINCE ITS CONNECTED TO RIPPLE + VOLANTE SELECTED FOR US FEDWIRE SERVICE PROVIDER IN THE CLOUD 😎😎😎😎😎😎😎😎😎😎😎😎😎😎😎😎😎💥 pic.twitter.com/xXQKM0kE6z

— ISO 20022…. LET’S DO IT (@Rohitku24694375) June 26, 2023

XRP price currently trades at $0.47, up 2% in the past 24 hours. The 24-hour low and high are $0.468 and $0.482, respectively. As per CoinGape Markets analysis, XRP price can jump above $0.55 in a bullish breakout. However, it also risks dropping to $0.40.

July is crucial for Ripple vs SEC lawsuit and XRP price as factors such as summary judgment and on-chain data could push price to $1.

Also Read: Terra Luna Classic L1TF Q3 Proposal To Revive LUNC And USTC To $1 Officially Passed

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.