Based on a sub $40M market cap at present, this presents a huge opportunity for NOV.
Onwards and upwards, GLTAH, Management going great guns atm.
ASX ANNOUNCEMENT19 March 2019IBM World Wire network foundation memberHighlights• Novatti joins IBM World Wire network as a foundation member• IBM World Wire network built on blockchain technology for faster, cheaper andreal time global payments.• IBM World Wire network enables Novatti customers access to more currenciesmore digital assets and more services• IBM World Wire network membership increases access to Novatti’s AUDstablecoinNovatti Group Limited (ASX: NOV, “Novatti”) is pleased to announce it will join IBMBlockchain World Wire1, a real-time global payments network for regulated financialinstitutions such as Novatti's subsidiary Flexewallet Pty Ltd. IBM World Wire is designed tooptimize and accelerate foreign exchange and remittance services through a New CrossBorder Payments Network Supporting Real Time Payments and Foreign Exchange on theStellar Protocol.By connecting to the World Wire network, Novatti now has access to a single unifiednetwork for foreign exchange and cross-border payments clearing and settlement built onblockchain technology and the Stellar public protocol. This will allow Novatti to offer clientsthe ability to conduct transactions across additional currencies and provide access to newdigital assets including stable coins using Stellar Lumens (XLM) protocols. Novatti hasalready integrated to the Stellar network and provides the first digital Australian dollarNOV1AUD stablecoin on the Stellar network."World Wire enables Novatti and its clients and our investment SendFX to leverage this newnetwork to create choice, improved pricing and speed. In particular our B2B customersappreciate this innovation and the commercial relationships with IBM." said Peter Cook,CEO of Novatti.World Wire enables regulated financial institutions such as Flexewallet Pty Ltd with itsAFSL and AUSTRAC registration to expand their business ecosystems more rapidly, whileimproving financial inclusion for people around the world through highly secure, point-topoint payment transactions.World Wire provides a more straight-through model for cross border payments using theStellar protocol that makes money transfers point-to-point in lieu of the complexities ofconventional correspondent banking. It reduces intermediaries and allows users to acceleratesettlement time often in seconds by transmitting monetary value in the form of digital assets,commonly known as cryptocurrencies or "stable coins." This simplified approach improves1 https://www.ibm.com/blockchain/solutions/world-wireNovatti Group LimitedACN 606 556 183Legacy HouseSuite 1, 293 Swanston StMelbourne, VictoriaAUSTRALIA 3000P.O. Box 21104Little Lonsdale StMelbourne, VictoriaAUSTRALIA 8011t: +61 3 9011 8490f: +61 3 8648 0618www.novattigroup.comoperational efficiency and liquidity management, streamlining payment reconciliation andreducing overall transaction costs for financial institutions.“Blockchain provides a transparent, technology layer for payments,” said Jesse Lund, GlobalVice President, IBM Blockchain. “Using distributed ledger technology, World Wire can beused to optimize financial flows worldwide by allowing institutions such as Novatti toconnect to the network APIs, see exchange rate quotes in real-time, and record transactiondetails onto an immutable blockchain for easy auditing and reconciliation. This reduces theneed for intermediaries and long durations for clearing and settlements – which ultimatelycan get money into consumers’ hands faster and more efficiently.”The World Wire network is poised to support more than 50 countries, with 20+ currenciesand more than 30 banking end points with more being actively added based upon clientdemand.Strategic ConsiderationNovatti's growth in payments processing includes major increases in cross border paymentprocessing and in particular cross border remittances both in and out of Australia. IBMWorld Wire is another network that Novatti can use to improve customer offerings andprovide improvement in pricing and margins. Remittances are a core need of the migrantmarket segment. This will enhance Novatti's proposition for migrant banking services whichwould be provided if Novatti's current application to APRA for Restricted banking licence issuccessful.- END
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