The Federal Reserves issued a press release on the 25th of Jan 2021, in which it announced the Pilot program to aid its FedNOW service initiatives.
The FRB issued a list of 110 organizations, including ACI Worldwide- a RippleNet client, that will participate in the program.
Fed Program and role of ACI Worldwide in it:
Recently the FRB announced to launch of a Federal service that will enable citizens to make a seamless transaction. The program named FedNow is intended to remove unnecessary costs and time for the masses.
ACI Worldwide’s role in the program is to assist FRB to add vital functions and features to the FedNow service. It, among others, will be an integral part of the FedNow trial phase as it will ensure the efficiency of the service before its availability to the general public for large scale use.
ACI Worldwide is a fintech company that currently assists 20 real-time payments all over the world and also provides processing to about 50% of the UK’s real-time payment services.
Ripple’s partnership with LuLu:
As the native Ripple coin, XRP made a decent comeback after being crashed down, following the lawsuit filed by SEC, Ripple is able to strike some significant deals.
Previously, on the 13th of January, Ripple announced its partnership with Mobile Money. Through the partnership, Ripple will join the two companies Bangladesh’s Bkash and Malaysia’s Mobile Money to aid the remittances between the two countries. Ripple mediation between Bkash and Mobile Money will add approximately 10 million users to the RippleNet platform.
Now, on January 26th, Ripple announced its partnership with Indian-owned LuLu-working in UAE and Federal bank. The partnership will assist LuLu to provide fast, secure, and cheap remittance services, through its 80 plus branches, to Indian employees working in UAE.
Ripple’s partnership with LuLu will also add a significant amount of users to its platform.