Digital banking and payments company, Novatti Group Limited (ASX:NOV) has formed a major new partnership with global payments disrupter, Ripple, to target the rapidly growing South East Asia region.
Through its RippleNet decentralised, global financial network, Ripple provides its partners with the ability to process global payments instantly, as well as access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, the world’s third largest digital currency, valued at more than US$27 billion.
Ripple builds financial solutions and services leveraging XRP – to move money at the same speed and standard that information moves today. RippleNet uses distributed ledger technology to deliver financial solutions – from bi-directional messaging, settlement, liquidity management and lines of credit – to a global network of partners.
Novatti will become a major Ripple partner, with Novatti’s customers gaining access to Ripple’s global financial network RippleNet, its capabilities, and the hundreds of financial institutions that Ripple already works with. This includes high-profile names such as American Express and MoneyGram2.
The partnership will initially target cross-border transactions between Australia and the South-East Asia region. Plans are also underway to further expand the partnership to see Novatti process Ripple’s broader cross-border payments into Australia, creating a new potential revenue source for Novatti’s core payments processing business.
Managing Director Peter Cook, said Novatti is excited to partner with Ripple, which is rapidly disrupting the global payments industry.
This partnership will further increase Novatti’s competitiveness and provide our customers with access to new, innovative payment solutions,” Mr Cook said.
“In particular, we look forward to working with Ripple to provide our customers with access to their exciting alternative financing solutions, so that our customers can free-up capital to focus on growing their businesses.”
“This partnership will fast-track Novatti’s international expansion, particularly in South-East Asia. In doing so, we aim to deliver increased transaction volumes and revenue growth for Novatti’s core payment processing business.”
Novatti also has partnerships in place with Visa, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta, and Decta. These partners all validate the quality of Novatti’s products and services.