Novatti Group Joins RippleNet’s ODL Service
Recently, Novatti Group adopted RippleNet’s global payment network service, known as On-Demand Liquidity (ODL). Novatti Group can now leverage digital asset XRP, for instant cross-border payments, through the ODL service.
Novatti Group’s Financial Prowess
Through On-Demand Liquidity, RippleNet utilizes XRP, a digital asset, as a bridge between two currencies, enabling the user to avoid pre-funding destination accounts and lower operational costs.
Novatti is a renowned digital banking and payments company founded on the 19th of June 2015. The Group’s founder is Peter Cook, and its headquarters are in Australia. Novatti has different platforms, including fintech, billing, and business automation, to facilitate effortless, swift, and secure payments.
Advancing Remittance Payments in Southeast Asia
In December 2020, Novatti partnered with Ripple, intending to target the Southeast Asia region. RippleNet enables its users to process global payments instantly and access high-growth capabilities, including XRP and blockchain. Additionally, Novatti’s customers can access other financial institutions that Ripple works with, such as Money Gram and American express.
Ripple and Novatti’s partnership mostly gives attention to the remittances between Australia and the Philippines. The two organizations do so through iRemit, the Philippines-owned and non-bank remittance service provider.
Benefits of Novatti Adopting ODL
ODL facilitates instant cross-border payments to Novatti and its fintech customers. Therefore, there is no need for pre-funding accounts on each side of a transaction. The accounts tie funds all over the globe, thus building on expense to every transaction.
Additionally, when using pre-funded accounts to facilitate payments, transactions’ full settlement takes long and with no visibility into the payment status.
When utilizing XRP payments, RippleNet’s ODL service can instantly bridge currencies, thus lowering operational costs, unlocking capital, and essentially doing away with pre-funded accounts.
Novatti aims at making many transactions each month and scaling the service to more fintech customers in Southeast Asia through RippleNet. The adoption of RippleNet’s service, ODL, will form a new potential income source for Novatti’s core payments processing business.
XRP surges above $1.5
The recent court case ruling on the Ripple vs. SEC case has positively affected XRP, as the crypto surged above the $1.5 mark. The ruling denied the Security Exchange Commission access to years of Ripple labs’ financial records. Ripple’s native digital asset hit $1 for the first time in three years, surging over 40% in 2021. XRP’s market value stood at $1.8 with a 6% 24h upward price change at press time.
