Novatti Group today announced a partnership with Ripple’s payment system and the RippleNet network using XRP as its currency.
This was also announced by Ripple itself today and it is a continuation of the agreement agreed in December 2020. Novatti is a payments company. The agreement between Ripple and Novatti will initially address exchanges between Australia and the Philippines through provider iRemit.
The Philippines is the third largest remittance country in Asia with many Filipinos sending money to the Philippines from abroad. In 2020 alone, a total of $ 33.19 billion was sent to the Philippines from other countries despite the Covid-19 pandemic. However, commission costs and timeframes complicate the process.
On that basis, Novatti decided to use RippleNet to simplify the payment system, and also enable transactions in large quantities by leveraging On-Demand Liquidity (ODL) services.
ODL will ensure prompt cross-border payments without the need for pre-financing. Usually payments abroad require current accounts of the sender and receiver in the local currency, a long period of time and expensive costs.
With the availability of XRP, costs and waiting periods will be reduced. Indirectly huge savings can be made.
Most recently, Ripple has had partnerships with financial institutions in more than 55 countries and is working to further expand their markets and services. For example, the collaboration with Novatti is good news for XRP to expand its influence,
