OwlTing Group taps Circle to support OwlPay’s real-time B2B cross-border payment service
TAIPEI, July 14, 2022 /PRNewswire/ — Global Stablecoin Market Value Overtaken $150 billion, according to CoinMarketCap, and international businesses want to explore digital currencies for payments. As interest in stablecoins grows, so does awareness of the global digital currency market. OwlTing Group addresses the need for stablecoin settlements for international businesses by leveraging Circle’s payment solutions to power one of the cross-border payment solutions offered through OwlPay. This payment integration allows businesses to make USD Coin (USDC) payments while using secure digital wallets for the business and its vendors. Using blockchain technology, payment authorization and settlement can be completed in seconds. This creates a continuous flow of funds across geopolitical borders and around the world. To start, OwlPay will target businesses in the United States that have international payment needs.
USDC is a fully reserved dollar digital currency with over $55 billion in circulation since July 12, 2022and supported more than 5 trillion dollars in on-chain transactions to date. OwlPay will allow businesses to pay their vendors with USDC, regardless of business or vendor location. These transactions can occur on different blockchains including Algorand, Avalanche, Ethereum, Flow, Hedera, Polygon, Solana, Stellar, and Tron to help improve payment times and reduce costs. OwlPay will provide the business and vendors with a secure wallet to exchange their fiat currency to USDC to easily send and receive payments.
“We are excited about the potential of USDC as a high liquidity digital currency, so we are very excited to be working with Circle. As the digital currency market continues to grow rapidly, the congruent use of stablecoins and fiat currencies is what will definitely happen. It is likely that fiat currencies will be replaced by leading digital currencies like USDC in the future.” André Charpentier, Senior Sales Manager of the OwlTing Group, explains. “With OwlPay, USDC payments sent and received are all done on the blockchain. Users can enjoy all the benefits of digital currencies using OwlPay: fast transactions, affordable fees, transparency, and no worries about opening hours. financial institutions. We recommend that our business users initiate and receive payments in USDC to take full advantage of our next-generation payment service. We are initially focusing on businesses in the US market.
Darren WangFounder and CEO of OwlTing Group, shares: “When the US Office of the Comptroller of the Currency (OCC) announced that regulated financial institutions are allowed to use stablecoins, we discovered new business opportunities. After extensive research, we have chosen to work with Circle.We believe that USDC is the most trusted and transparent digital dollar currency to date, and we believe that stablecoins will play an important role in the FinTech industry and a crucial step to change global finance. OwlTing strives to solve business problems and upgrade various industries with innovative technologies, and OwlPay is our new solution for the FinTech industry. With global cross-border transactions using stablecoins, OwlPay is well prepared to take a big step into the global payments industry. That, for the 1.4 billion adults who are unbanked, we hope that new FinTech services, like OwlPay, will help solve this problem and contribute to inclusive finance.”
“Regulation regarding financial and payment services in the United States is relatively strict. Prior to OwlTing’s integration into USDC, we consulted with our US advisors to ensure that we met the relevant licensing requirements. We also followed Circle’s careful KYC process and look forward to future developments.” Jackal Ting, chief compliance officer for OwlTing Group, adds. “Although it is a new FinTech service, OwlPay meets the regulatory requirements of various countries. We implement measures such as KYC, AML and CFT. With the help of Chainalysis, the blockchain data platform, we are able to track transactions and perform risk assessments. “RegTech 100″ in 2022, Chainalysis is a trusted partner for international organizations and government agencies such as the United Nations Office on Drugs and Crime (UNODC). We are committed to preventing illicit funds transfers, complying with applicable regulations and ensuring the security of user funds.”
OwlPay provides a one-stop integration payment service for global businesses. Through developer-friendly APIs, OwlPay integrates functions such as reconciliation, mass transfers, automatic payments and supports multiple payment options, fiat currencies and a USDC stablecoin to innovate cross-border B2B transactions for real-time settlement and clearance. OwlPay dramatically improves efficiency and transparency to deliver a faster, cheaper payment solution tailored to the needs of global businesses. OwlPay aims to create a new FinTech experience to help businesses improve operational efficiency and reduce labor costs.
About OwlTing Group
Founded in 2010, OwlTing Group covers B2B, B2B2C and B2C services. Like a Taiwan-based company, OwlTing has branches in the United States, Japan, Thailand, Malaysia, hong kongand Singapore, and seeks to expand globally. In 2018, OwlTing announced an eight-figure USD investment from Japanese financial giant SBI Group. Over the past few years, OwlTing has formed partnerships with government agencies, industry, and academia and applied blockchain technology to the FinTech industry, medical industry, automotive industry, defence, food industry, forestry, agriculture, etc. OwlTing aims to build blockchain services for various industries to solve problems and improve industry ecosystems.
OwlTing Group – Public Relations Office
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SOURCE OwlTing Group