Home Altcoins News Ripple (XRP) has Novatti Payments as One of Their Global Network Partner for ODL Services

Ripple (XRP) has Novatti Payments as One of Their Global Network Partner for ODL Services

Ripple XRP

Ripple (XRP) recently reinstated on how Novatti Payments have joined the global network to take advantage of RippleNet’s ODL Service, thus permitting the payments service to deliver on the promise of instant cross-border payments without the need for prefunding.

For clarity Prefunding means to pay in advance for what you do.  This means before the funds are actually good for remittance the funds are settled. Pre-funding ensures that the accounts involved for either an individual or a batch of payments, have the necessary funds available to be able to successfully complete the transactions. The accounts are tested, and possibly posted, to ensure that they have the funds required.

Typically in Automating Clearing Houses, The ACH Pre-Funding System gives remittance companies the ability to debit funds from the customers’ funding accounts prior to releasing ACH credits, significantly decreasing the credit risk associated with ACH origination.

Remittance businesses will find Ripple services useful, because it makes it possible for those companies to deliver on instant cross-border payments without prefunding.

In the complex payment processing industry, Novatti are working on deploying the best and easy way to move money online.  They have their own platform and they have strong partnerships like Ripple to process high volumes in digital payments.

For clarity, Novatti are one of the first Fintech’s to become a Visa card issuer.  This makes it possible for them to further the needs of their customers.  With their wholly-owned subsidiary, Flexewallet holding an AFSL and other licences are in a position to service a large global market.

Novatti have global experience in creating and developing open-architected digital transaction technology solutions, which put them in a perfect position to develop Payment Processing solutions.

They are mainly focused on solving problems and creating new opportunities in the fintech space across diverse industry sectors.

They also help several businesses to incorporate payment processing systems like subscription bill and bill presentment, voucher and wallet systems, and cross-border payments.

Novatti has a PoS lender app, which customers download to onboard and get approved for a loan or line of credit.  They have the virtual card issued – the card is of nil value and it can be loaded onto ApplePay, Google Pay or Samsung Pay mobile wallet.

The card is presented for payment, the store will run the nil value card just like any other card and the transaction is passed on to the Novatti’s CardTech platform.  The initial authorization in compliance with set business rules takes place and it is passed to the lender system to authorize payment.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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