Stellar Network’s blockchain tech pairs-up with Novatti Group’s payment platform

Creators of the Lumen (XLM) will team up with electronic payments company to create cross-border payments network.

Payments tech company Novatti Group has announced that it will co-operate with the Stellar Network to integrate blockchain payments into its offerings, and create a “global value exchange network”. It will utilise the latter’s blockchain payment and asset transfer tech – explained here – to provide back-end services designed to reduce friction and costs. Stellar’s own homepage heralds that its mission statement is to “Move Money Across Borders Quickly, Reliably, And For Fractions Of A Penny.”

To facilitate this it uses its own network of distributed nodes, which move around its own cryptocurrency – the Lumen (XLM) – twinned to a distributed currency exchange that automatically converts between fiat currencies as “the lowest available rate”. Unsurprisingly, the Lumen took a significant jump in value when word of the partnership was announced – it currently stands something around 14% up over 24hrs, according to Cryptocompare.

The fit with Novatti seems a good one. Established in 1996, it offers a range of payment services including consumer digital wallets, bill payments, remittance services and electronic voucher distribution and management systems. Its continued expansion, and use of new technology, looks like a great way for Stellar to widen the use of its network.

“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,” said Peter Cook, chief executive officer of Novatti Group. The first Stellar-powered transactions on Novatti’s network are expected in May 2018.

This alliance comes in the wake of Santander launching its One Pay FX application, a similar offering that utilises Ripple’s xCurrent back-end. Like Stellar, Ripple also has a cryptocurrency – also named Ripple (XRP) – though it attempts to stress the independence of the two.