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OwlTing Group selects Circle to boost its B2B cross-border payment service

By Leandra Monteiro

July 18, 2022

  • Circle
  • Cross Border Payment
  • Digital Wallet
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Circle, OwlTing OwlTing Group is filling the need for stablecoin settlements for international businesses by tapping Circle’s payment solutions to power one of the cross-border payment solutions offered through OwlPay. This payment integration allows businesses to make payouts in USD Coin (USDC) while using secure digital wallets for both the business and their vendors.

Through blockchain technology, payment clearance and settlement can be completed within a few seconds. This creates a seamless flow of funds across geopolitical borders and throughout the world. To start, OwlPay will target businesses in the U.S. that have international payout needs.

OwlPay will enable 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 for USDC to easily send and receive payments.

“We are excited about the potential of USDC as a digital currency with high liquidity, so we are very pleased to work with Circle. As the digital currency market continues to expand quickly, the congruent use of stablecoins and fiat currencies is what will certainly happen. It is likely that fiat currencies may be replaced by leading digital currencies like USDC in the future,” said Andrew Carpenter, Senior Sales Manager of OwlTing Group. “With OwlPay, payments in USDC sent and received are all completed on the blockchain. Users can enjoy all the advantages of digital currencies utilizing OwlPay: fast transactions, affordable fees, transparency, and no worries about the business hours of financial institutions. We recommend that our business users initiate and receive payments in USDC to get the full benefits of our next-generation payment service. We are initially focusing on businesses in the U.S. market.”

Darren Wang, Founder and CEO of OwlTing Group shared, “When the U.S. Office of the Comptroller of the Currency (OCC) announced that regulated financial institutions are allowed to use stablecoins, we discovered new business opportunities. After in-depth research, we chose to work with Circle. We think USDC is the most reliable and transparent dollar digital currency to date, and we believe stablecoins will play an important role in the FinTech industry and a crucial step to changing global finance. OwlTing strives to solve business pain points 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 set a milestone in the global payment industry. On top of that, for the 1.4 billion adults who remain unbanked, hopefully new FinTech services, like OwlPay, will help solve that problem and contribute to inclusive financing.”

“The regulations concerning financial and payment services in the U.S. are relatively stringent. Before OwlTing’s integration with USDC, we consulted our U.S. counsels to ensure that we comply with the requirements to obtain the relevant licenses. We completed Circle’s prudent KYC process as well and we look forward to future developments,” added Jackal Ting, Chief Compliance Officer for OwlTing Group. “Despite being a new FinTech service, OwlPay meets the regulatory requirements in various countries. We implement measures including KYC, AML and CFT. With assistance from Chainalysis, the blockchain data platform, we are able to track transactions and perform risk assessments. Listed in the “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 prevent illicit funds transfers, comply with relevant regulations, and ensure the safety of users’ funds.”

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