Novatti Group is the latest company to use RippleNet’s On-Demand Liquidity service for cross-border payments. Ripple announced the news by focusing on various features and benefits that RippleNet’s ODL has for businesses. The latest implementation is a result of the previous agreement signed in December 2020. New services will help Novatti improve the payment remittances between Australia and the Philippines. It creates a reliable source for cross-border payments in Southeast Asia.
More Banks Implementing RippleNet
Ripple is one of the leading blockchains in cross-border payments and related infrastructure. The company has been successful in partnering with numerous banks around the world – especially in Asia – and providing the necessary system for cross-border payments. RippleNet is at the heart of all of these services. A network that facilitates payments with the lowest fees available. RippleNet has a service called On-Demand Liquidity (ODL) that helps payment companies manage their services.
RippleNet is currently serving hundreds of financial institutions around the world. Every new company joining the network will be available to work with previous members. Novatti is the latest financial institution to join the network. It can now benefit from a global financial network with members from 55 countries. Novatti will leverage the XRP token for an instant, cross-border payments service.
Novatti Group focuses on payment services for Philippines citizens. Their new partnership will surely help citizens send and receive money for their family and friends abroad.
Ripple says about the new partnership:
“The partnership initially focuses on remittances between Australia and the Philippines through the country’s largest non-bank, Filipino-owned remittance service provider, iRemit. The Philippines is the third-largest remittance-receiving country in Asia after India and China, with Filipinos abroad sending home $33.19 billion USD in 2020 despite the pandemic. But the time and expense required to send remittances into the Southeast Asian country diminish the impact of these funds, which are often the main source of disposable income for Filipino families.”
Novatti will implement RippleNet’s ODL gradually. In the first stages, the company will process several thousand transactions a month through this service, but there will be more transactions going through RippleNet in the future. One of the best features of RippleNet ODL for Novatti and its partners is removing the need for pre-funding in cross-border payments. XRP is crucial in this feature. All of these services and partnerships will result in more demand and hype about XRP that may ultimately result in more price raises.
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