Australian Remittance Service Taps Crypto Asset XRP for Cross-Border Payments
An Australian company hopes to dial down cross-border payment hassles and fees using the crypto asset XRP.
Novatti Group, a company focused on delivering innovative payment solutions, has teamed up with Ripple to use its XRP-powered platform On-Demand Liquidity (ODL) for instant, cross-border payments.
A statement on the Ripple’s website says ODL will allow Novatti Group to use the technology to power payments to Southeast Asia.
“The partnership initially focuses on remittances between Australia and the Philippines through the country’s largest non-bank, Filipino-owned remittance service provider, iRemit…
Live now, Novatti expects to process several thousand transactions a month through RippleNet and is planning to quickly scale the service to more fintech customers and other countries in Southeast Asia.”
Ripple owns more than half of all XRP in existence, and launched ODL in late 2018.
The product relies on crypto exchanges to accept cash and move the equivalent value in XRP across borders, where it can be converted right back to fiat currency.
Ripple is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which labels XRP as a security and says the company illegally sold the asset for years without obtaining proper clearance.
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Author: Daily Hodl Staff