The Federal Reserve Board (Federal Reserve meeting, FED) has confirmed that its long-awaited timely payment system software will be launched in July, which some see as an alternative to the central bank's digital currency and stable currency.

Timely payment the Internet will settle payments within seconds and will be able to support transactions between customers, consumers and financial institutions. It does not rely on block chain applications.

This would be an important step for the government, as it is controlled by the Fed meeting. The clearing house's RTP Internet also offers real-time payments, run by a large consortium of banks.

According to a statement on March 15, the Federal Reserve said that the first appearance of the FedNow was scheduled for July, when the Treasury and the "diversified composition of financial institutions of all sizes" prepared to use the Internet in advance from the very beginning.

The Fed meeting indicated that it would conduct "announcement verification of participants" in the first week of April in preparation for the launch.

"based on the feedback from the FedNow demonstration site plan, early adopters will complete the customer evaluation and verification plan to prepare for the push of real-time transactions under this system," the announcement said.

The FedNow announced in 2019 that it would transfer bank assets from the borrower to the recipient based on the Fed's bank credit account, which in turn would be given to round-the-clock, real-time remittances. It also carries the role of fraud risk system.

After the launch, the Fed meeting outlined that it would help add as many financial companies as possible to make timely payments easier.

Tom Barkin, president of the Richmond Fed and sponsor of the FedNow program, said in a statement: "the launch of this business reflects a key milestone in helping financial companies meet the needs of users in the timely payment market in order to better support basically all aspects of our social economy."

Some people feel that the FedNow service project overcomes the problem that both stablecoins and CBDC are trying to solve.

However, the FedNow plan does not use blockchain apps, and as we all know, the Fed meeting was cautious and skeptical about stablecoin.

Earlier that month, one of the key financial institutions that provide services to US data encryption companies was shut down after the collapse of the Bank Gate buying and selling Internet (SEN).

The current situation is that although Signature Bank was forced to shut down on March 13, SEN's competitor Signet is still in business. However, its luck is difficult to solve, it is reported that after Signature fell into a corner, some companies have already fled the Signature network.

FedNow can also replace the digital currency publicly issued by the central bank.

Lyle Brainard, deputy secretary of the Federal Reserve meeting, noted at a hearing of the House Financial Information Services Committee in May that because of regulatory obstacles, CBDC must take longer than FedNow to run.

"[if] the United States Congress determines... To sell the central bank's digital currency, it may take another five years to build the necessary security configuration and design role.

In any case, she added, FedNow can provide many of the same functions as CBDC.

Jerome Jerome of the Federal Reserve also made a speech at the Financial Information Services Federation of the House of Representatives on March 9, pointing out that it will take some time for the hidden CBDC of the United States.

"We haven't come to any real certainty yet," he said, adding, "what people are doing is an initial experiment." How should this work? Did it work? What is the better technology? What is the highest efficiency?

However, in commenting on FedNow, he pointed out that "people will soon launch real-time payment services in their own countries."