The Novatti Group is joining Ripple’s international payment system and its RippleNet network, adopting XRP as its currency.
The announcement was made by Ripple and is the continuation of an agreement signed in December 2020.
Novatti is a payment solutions company. The agreement between Ripple and Novatti will initially address transactions between Australia and the Philippines through the iRemit provider.
The Philippines is Asia’s third largest remittance country, with many Filipinos sending money abroad from home. In 2020 alone, despite the pandemic, US $ 33.19 billion arrived in the Philippines from other countries. However, commission costs and deadlines make this process difficult.
Partnership between Ripple and Novatti
That is why Novatti decided to use RippleNet to facilitate payment systems and also make them more scalable, taking advantage of its On-Demand Liquidity (ODL) service.
ODL will guarantee instant cross-border payments without the need for pre-financing. International transactions generally require current accounts from the sender and recipient in local currency, resulting in transaction fees, waiting times and no possibility of checking the status of transactions.
The use of XRP reduces costs and time, generating significant savings and, ultimately, making the whole system more efficient.
RippleNet is thus expanding its network of partners and the countries in which it operates. In fact, Ripple currently has partnerships with financial institutions in more than 55 countries and is working to further expand its market and experience.
The partnership with Novatti is also great news for XRP, as it broadens its horizons.
Meanwhile, the price of cryptocurrency is retreating today, down 8% from yesterday. It is worth mentioning that this setback was expected, as Ripple was the protagonist of a real escalation that brought him back to more than $ 2 for the first time in 3 years. This week alone, the gain is around 90%.
It is likely that, with the growth of RippleNet, the use of XRP will also grow and this can only have positive repercussions on the price.