Online financial transactions processor and financial technology developer, Novatti Group Limited (ASX:NOV), has announced the successful integration of its payments platform with The Stellar Network.
Investor believe it will be a lucrative move for the Australian company. Following the announcement Novatti Group’s share price surged more than 20% in morning trade and finished the day up 12% to $0.325 per share.
Founded in 2014, Stellar is a global open-source blockchain ledger used for exchanging assets.
The platform has been built to connects banks, payments systems and people in order to move money quickly, reliably, and at a low cost.
Novatti Group will earn fees on a per-transaction basis for managing the ‘pay-out’ of settlements for remittance transactions sent to Australia. The company will also generate income for originating transactions in Australia that are remitted to other countries.
Novatti hopes the integration will accelerate its revenue streams, with Stellar’s partners now able to access Novatti’s integrated payments technology to process customer payments on the blockchain network.
Novatti’s existing payments technology users will also be able to access Stellar’s blockchain network, providing additional revenue streams to Novatti.
Peter Cook, CEO Novatti Group said, “Completing the integration of Novatti’s Payments Platform into Stellar’s network lays the foundations to build future high-growth revenue streams driven by transactions across the blockchain network.
“We are focussed on leveraging our strong relationship with Stellar to securing additional agreements with its partner network to drive high growth revenue streams in the payments and billing space, driven by growing transactions processing.”
First transactions across the blockchain platform are expected in May 2018.
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