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The American central banks are launching their instant payment service, where simple money transfers from A to B are possible within seconds, without blockchain or any unnecessary frills. They are essentially offering Bitcoin Lightning for the fiat system – a PayPal-like service among banks and their participating partners.
This makes transferring money across borders incredibly easy and just as fast as a Bitcoin Lightning payment, all while being completely secure. We have a central point of contact we can call if our customers don't receive their payments or if any errors occur. This naturally raises the question: who needs blockchain?
Who needs any advanced technologies when we can simply use the familiar convenience of PayPal with our banking systems? This is exactly the question I've been asking myself: is this a major competitor to all the blockchain magic we've been following for some time? We'll discuss the advantages this brings for us, the potential benefits for cryptocurrencies, and the connection to crypto already established through the ISO 20022 standard.
We'll explore this whole topic in today's video. Don't forget to hit the like button! And of course, we'll get started right after the intro. And with that, a warm welcome to this video! I'm glad you've tuned in. Today we'll take a detailed look at what this Fett Now payment system is: Is it a competitor to crypto, or actually a combination with cryptocurrency services?
And, of course, a major point: Who benefits from this Fett Now system? Does it ultimately offer users fast payments, or is it more of a competitor to cryptocurrencies? How will it all start and run, and who benefits from this system? That's an important question, of course. Let's start with how this instant payment service works.
In this example video, which is also linked below in the video description, you can see it very well. It's about a coffee shop where the owner needs to reorder coffee and simply sends a transaction in real time. As soon as a payment is sent, an ISO 2022-compliant message is created, and this payment is then processed via Fett Now.
This Fett Now instant payment solution then checks the transaction and sends it to the recipient bank via this ISO 2022-compliant message. The bank confirms receipt of the money, and then the funds are debited and credited. Both parties receive a transaction confirmation and... The bank sends the order directly to the coffee company, and it's confirmed almost in real time.
Accordingly, the coffee is delivered as quickly as possible. That's essentially the function behind it, and I was honestly very surprised when I heard that the central bank's direct payment system is now online, and then you see this ISO 20.022 letter, which has probably been around for over a year.
It 's a small point where cryptocurrencies could actually process transactions in the banking world. ISO 20.022, which you might not know, is an international protocol that provides a secure, standardized way to exchange financial messages between organizations within the payments industry. The protocol will replace the 50-year-old SWIFT system used by banks and other financial institutions and facilitate global payments.
Financial institutions such as banks, crypto companies, or stockbrokers can benefit from ISO 20.022. It enables efficient and effective communication across multiple departments and organizations and reduces costs associated with numerous communication systems. Furthermore, by achieving interoperability between existing protocols while supporting specific financial business processes, ISO 20.022 is an excellent solution.
This is a choice for any company involved in financial services, just a rough question based on this report, which is also linked in the sources in the video description. There's a small list of coins that already work and develop in this area with this interoperability: Quant, Ripple, Stella Lumen, IOTA, XDC, Algorand, Katano, and so on.
So, there are already a few of the larger coins involved in this area. None of these cryptocurrencies have really benefited from this Fettnau payment system. Only Ripple and Stella Lumen, as we've seen, have anything to do with Fettnau. And with all this, I'm wondering if this is the big point where everyone realizes that the two to three business days waiting time for a transfer was basically always completely pointless.
I think we all know that. But do many cryptocurrencies that built their innovation on fast transaction confirmations and the like, and whose only use case so far, now have a problem? Do we even need all these cryptocurrencies and blockchains that facilitate fast transactions anymore? That 's a big question.
This is an important point because if I can now cover a huge use case for some cryptocurrencies with my fiat money, then these cryptocurrencies will likely have a much harder time claiming an advantage based on the argument of fast transactions. However, the point is this: I believe we still have a huge problem with this FettNow service system, namely the medium being sent is fiat currency, central bank money, whether it's the dollar, the euro, or other currencies.
The problem is solely which currencies are being sent here, namely worthless bank currencies. And it seems that 90% of people on this planet have little understanding of the monetary system, little understanding of fiat currency, interest rates, inflation, and so on. Consequently, many people will simply use this system for convenience and faster payments without any problems.
It's also great for me when I make a bank transfer that arrives instantly; for that, I also use online banks, and it works very well there. But actually, this update is quite embarrassing. Waiting several business days for a transfer is, of course, a complete disaster for payments. In principle, this is a pretty cool solution.
Of course, I'm still waiting to see which of these ISO 20022 cryptocurrencies will be allowed to benefit, and how exactly this will work to provide liquidity. I'm wondering about banks as cooperation partners anyway, because they can simply print their own liquidity, presumably just make it appear digitally, and then the money is definitely available in unlimited quantities as liquidity.
That's how I personally imagine it, and that's also a huge advantage over cryptocurrencies because they can simply invent, create, and generate liquidity. Cryptocurrencies, on the other hand, have to collect it decentrally with a lot of effort and then make it available, securing it with smart contracts— hopefully secure enough so it ca n't be hacked.
Having a central interface with banks where I can actually call if my few euros or dollars don't arrive or if there's some kind of problem is definitely an advantage. The big problem, of course, is this whole centralization. As we saw with CBDCs, we're simply dealing with central bank money. The only way to be transparent and have complete insight is not with the end user, but really only with the central bank.
With processing institutions like banks, we ourselves don't have the ability to view the distributed ledger technology, i.e., the open ledger like in the Bitcoin blockchain and other blockchains. Therefore, while it's certainly convenient for payments, in my opinion, the future lies quite differently.
This is where the big money is invested, and where the largest institutions definitely see the future, according to Larry Fink, who has spoken very highly about Bitcoin and blockchain, focusing on the democratization of investments and, of course, decentralization. He has stated this in numerous interviews, saying that blockchain decentralization and the democratization of these investments are a huge and very important step in the right direction.
And we know better than anyone else that Bitcoin is the absolute number one for decentralization. The biggest developments that will likely emerge in the financial world are the tokenization of assets. Regarding the assets themselves, which can be sent around as tokens on a blockchain, the question I've been asking myself is whether BlackRock will move to altcoin blockchains or at least to the Bitcoin blockchain.
I'm now going to be in the quest for everything that's possible with Bitcoin, even if there's still a lot of development to be done. Here's the thing: if we want tokenized assets or even printed dollar currencies and so on, then such a large payment system is a central payment system for banks that can only transfer their dollars, etc., not really different from PayPal.
It has no influence on cryptocurrencies and will always only take over a very limited area of the monetary system for fiat, dollar transfers, and international transfers. That's pretty cool, but if I want to hold and send assets, it will probably still come down to blockchain technology, transparency, and all its benefits.
Personally, I'm still waiting; maybe something will happen with these cryptocurrencies. But one tip, and this has definitely come into sharp focus in the cryptocurrency and crypto world in recent days, is this Chainlink update. Because Chainlink really hit the jackpot, I think, perfectly timed. The protocol and the oracle that offers channeling utilize almost the entire deep world for true price discovery.
Comparisons and truly reliable data are not only important for this, but also for decentralized randomness. For example, if I use NFC where the properties can be selected, I can create randomness on-chain, and this is transparent. ChainLink offers these possibilities, and they have gained a lot of momentum with their Cross Change Standard because, of course, cross-chain capabilities allow transactions and value exchanges across multiple blockchains.
That's the main point I'm focusing on. Fettnau has made a nice attempt, but is significantly inferior in dollar transfers. When I look at the future prospects of big money like BlackRock, for example, and see reputable protocols like JaneLink offering a much better solution, it's certainly not a bad pick for the next bull run or for future asset management.
That's definitely my point, which I see as much stronger than a payment system. Of course, cryptocurrencies that only facilitate fast transactions will lose some ground against a Federal Reserve payment system. But if we're really talking about the future of payment systems, I see the whole thing in the crypto sector as much, much stronger, much better, much more decentralized, and that's also what big money wants.
Accordingly, it will be very exciting to see how this all develops. I personally think that this massive system will be built up on a grand scale, simply because it gives central banks more control and more power, more censorship possibilities, and so on. But of course, that's miles away from the good ideas that are possible with blockchain, for example: decentralization, the free exchange of all these assets, currencies, and values, across borders, and the resulting development, not the endless work of central banks.
This would definitely bring a very good light and reputation to cryptocurrencies, especially if the whole thing is already collaborating with banks. The technology behind it... I think we no longer need to question whether it makes sense to work with decentralized networks. This will definitely bring a lot more, especially with Jane League and the ERC-20 blockchain projects.
I myself am simply curious to see how it all develops, and of course, as soon as there is more information. I'll gladly make an update video about that. Definitely write in the comments if you're a fan of ISO 20.022. Do you think it will be 100% implemented? It's certainly strong evidence that the Fettenau instant payment solution offers or has implemented this ISO 20.022 standard.
Of course, we'll only see how it develops in the future. Personally, I'm primarily politically opposed to blockchain in general, but not to a Fettenau payment system like this because it simply makes an outdated system only slightly better and doesn't really offer the advantages of potentially future- proof payment systems.
Therefore, I hope this video gave you some insights into the new payment system, established a connection to cryptocurrencies, and simply created some interest so that banks slowly follow suit and perhaps even implement crypto. Maybe in the future we'll actually see more cryptocurrencies in our banking system, and perhaps fewer banks.
I think it's simply a matter of time. Until then, we'll definitely see and hear each other in the next videos. I wish you all the best! As always, maximum profits with this knowledge and this content. See you and hear from you soon. As always, all the best. Bye bye.
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