Novatti’s AUDC to Leverage Ripple’s XRP Ledger for Cost-Efficient Cross Border Payments
Novatti Group has announced the integration of its stablecoin AUDC into Ripple’s XRP Ledger. The company said it will benefit from faster and low-cost transactions on XRPL.
AUDC will also be integrated into Novatti’s existing suite of payment solutions. It will potentially create a low-cost domestic and cross-border payment system, including stablecoin-linked payment cards, the company said in a press release.
Ripple to Provide Technical Support
Novatti said Ripple will provide the necessary technical support for the integration of AUDC into XRPL. Novatti’s new stablecoin is secured with a 1:1 backing of Australian dollar fiat value.
“We strongly believe that demand for the use of digital currencies will only increase going forward. Deploying our AUDC stablecoin on the XRP Ledger will help Novatti capture this growing demand and, in turn, position us to deliver new revenue streams,” Managing Director of Novatti, Peter Cook, said.
Integration into Existing Payment Solutions
Novatti said AUDC will create more ways for individuals and businesses to pay and get paid as the stablecoin will be integrated into the company’s existing payment solutions.
“It will be integrated into Novatti’s existing suite of payment solutions, providing clients with a new and innovative way to pay and be paid, while creating the potential for faster and lower cost domestic, cross-border and billing payments, as well as stablecoin-linked payment cards,” the press release from Novatti said. Besides Ripple, AUDC will also be integrated into Stellar.
Low-Cost Instant Fund Transfer
AUDC will be 1:1 pegged against the Australian dollar. Like other stablecoins, they can be sent to a recipient’s wallet through a blockchain network instantly and without the usual banking fees for such international transactions. In April 2021, the company tapped into Ripple’s On-Demand Liquidity service to provide remittance services between Australia and the Philippines.
Globally, over 300 financial institutions, including Novatti, use Ripple’s payments network. Recently, the blockchain project partnered with Berlin-based crypto payment provider Lunu to allow luxury retailers to accept online and in-store payments in digital assets through Ripple’s Liquidity Hub.
In July last year, global payments company Visa licensed Novatti Group to issue a cryptocurrency-based debit card in partnership with New York-based custodian BitGo.