Recently, one Australian FinTech firm said that it is using RippleNet, Ripple’s global payments network, to handle cross-border payments between Australia and countries in Southeast Asia, such as the Philippines.
Although Ripple signed a deal with Novatti Group Limited (ASX:NOV) back in December 2020, it was not until April 9 that Novatti announced that the Australian firm announced that it had started using Ripple’s XRP-powered On-Demand Liquidity (ODL) solution for near instant cross-border payments without pre-funding and that “revenue-generating transactions taking place.”
According to this press release, Novatti is now “partnering with the Australian subsidiary of the Philippines’s largest non-bank, Filipino-owned, remittance service provider, iRemit, through RippleNet.” Furthermore, apparently, “discussions are already underway to also expand this service to new financial services clients in South East Asia.”
Peter Cook, Managing Director at Novatti Group Limited, had this to say:
“We are delighted to see this partnership delivering for both Novatti and Ripple in such a short period of time. The partnership with Ripple not only provides Novatti’s customers with access to new, innovative payment solutions, it also highlights how Novatti’s partnerships translate into revenue….
“The early success of Novatti’s partnership with Ripple also highlights the benefits of our broader overseas expansion since the start of this year… As shown through Ripple, this expansion opens Novatti up to new revenue opportunities, and provides us with greater exposure to the global demand for digital payments that we expect to accelerate going forward.“
As for Ripple, yesterday (April 14), it published a blog post said this about Novatti’s use of ODL:
“ODL allows Novatti and its fintech customers to deliver on this promise because it enables instant cross-border payments without the need for pre-funding. Before ODL, remittance providers would need to hold pre-funded accounts on each side of a transaction in that country’s local currency.”
Just before Novatti’s announcement, XRP was trading around $1.0477 on crypto exchange Bitstamp. Since then, XRP (currently $1.7275) has gone up 64.88%.
Featured Image by “pattyjansen” via Pixabay.com
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.
