Novatti Group Joins IBM Blockchain World Wire As A Foundation Member – Shares Price Surged Over 4% On ASX

  • Mar 19, 2019 AEDT
  • Team Kalkine
Novatti Group Joins IBM Blockchain World Wire As A Foundation Member – Shares Price Surged Over 4% On ASX

Novatti Group Limited (ASX: NOV) is into IT operations and provides payment processing platform, through which mobile and alternative financial payments solutions and services can be facilitated.

The company today on 19 March 2019, has announced that it will join IBM Blockchain World Wire, a real-time global payments network for regulated financial institutions such as Novatti's subsidiary Flexewallet Pty Ltd. IBM World-Wire is designed to optimize and accelerate foreign exchange and remittance services through a New Cross-Border Payments Network Supporting Real-Time Payments and Foreign Exchange on the Stellar Protocol.

Novatti will have access to a single unified network for foreign exchange and cross-border payments clearing and settlement built on blockchain technology and the Stellar public protocol after connecting to the World Wire network. This will enhance Novatti’s range of options to offer clients the ability to conduct transactions across additional currencies and provide access to new digital assets including stable coins using Stellar Lumens protocols. The company has already integrated to the Stellar network and provides the first digital Australian dollar NOV1AUD stablecoin on the Stellar network.

The CEO of the company Peter Cook said that World Wire enables Novatti and its clients and the investment SendFX to leverage this new network to create choice, improved pricing, and speed. Particularly the B2B customers of the company appreciate this innovation and the commercial relationships with IBM.

Regulated financial institutions such as Flexewallet Pty Ltd are benefited from World Wire since it enables these companies with its AFSL and AUSTRAC registration so that they can expand their business ecosystems in a rapid manner while improving financial inclusion for people around the world through highly secure, point-topoint payment transactions.

A transparent, technology layer for payments is provided by Blockchain as per Jesse Lund, the Global Vice President, IBM Blockchain. With the help of distributed ledger technology, World-Wire can be used to optimize financial flows worldwide by allowing institutions such as Novatti to connect to the network APIs, see exchange rate quotes in real-time, and record transaction details onto an immutable blockchain for easy auditing and reconciliation. The requirement for intermediaries and long durations for clearing and settlements are reduced through this process which ultimately can get money into consumers’ hands faster and more efficiently.

The growth of Novatti in payments processing includes major increases in cross border payment processing and specifically cross border remittances both in and out of Australia.  Novatti can use IBM World Wire network as well so that it can improve customer offerings and provide an improvement in pricing and margins. Remittances are a core need of the migrant market segment.  This will enhance Novatti's proposition for migrant banking services which would be provided if Novatti's current application to APRA for Restricted banking licence is successful.

On the price-performance front, the stock of Novatti Group Limited is currently trading at $0.245, climbed up around 4.255% during the day’s trade, with a market capitalization of $37.03 million (AEST 02:20 PM). The stock has generated a YTD return of 30.56% and returns of 11.90%, 23.68% and -4.08% over the past six months, three months and one-month period, respectively. It had a 52-week high price of $0.370 and a 52-week low price of $0.150, with an average trading volume of ~76,913.


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