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HomeCrypto NewsMarketIncreasing Use OF RippleNet As Ripple Partnered with Australia Leading Payment Company Novatti For Cross Border Payments

Increasing Use OF RippleNet As Ripple Partnered with Australia Leading Payment Company Novatti For Cross Border Payments


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Novatti, Australia major payment company announced use of RippleNet.

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Novatti announced that they will connect RippleNet with Iremit, a payment giant in the Philippines, enabling fast, low-cost international remittances from Australia to Southeast Asia, mainly in the Philippines.

The company said the money transfer channels between the Philippines and Australia lead to thousands of Dollars transactions costs per month. Avoiding these high costs, fast and smooth cross border payments is the main objective of Ripple and Novatti partnership.

Novatti announced that it will continue to expand its financial service business in Southeast Asia.

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Managing Director of Novatti, Peter Cook, said:

“We are delighted to see this partnership delivering for both
Novatti and Ripple in such a short period of time. The partnership with Ripple not only provides Novatti’s customers with access to new, innovative payment solutions, it also highlights how Novatti’s partnerships translate into revenue.”

He said Further:

“Forming our partnership with Ripple was part of Novatti’s broader strategy to develop a banking and payments ecosystem that enables our existing platforms to scale quickly. In addition to Ripple, Novatti’s ecosystem now includes partnerships with world-leading PAYMENT and fintech companies including Visa, Apple Pay, Alipay, UnionPay International, Google Pay, Samsung Pay, Marqeta, and Decta.”

Novatti has filed an application with the Australian Patent Office for a secure, regulatory compliant, multi-cryptocurrency payment gateway. Novatti did not provide specific details, but Cook described it as a system that allows merchants to receive payments in fiat currency through digital wallets, and cryptocurrency exchanges.

Ripple Focus on Southeast Asia

In 2021, Ripple is strengthening its RippleNet base in Southeast Asia. With a view of business expansion in Southeast Asia, Ripple appointed Mr. Brooks Entwistle as as managing director with work experience in Goldman Sachs.

Read More: Ripple Attracts Former Uber and Goldman Sachs Top Level Executive

Merchant token ico

At the end of March, Ripple announced that it acquired 40% stake in Tranglo, a payment settlement company that provides an international remittance network mainly in Southeast Asia.

Read: Ripple Acquire Malaysia-based Tranglo To Expand RippleNet to South East Asia

Ripple also reported in its 2020 Q4 report that RippleNet’s trading volume in Southeast Asia was 10 times the previous year, and that the market was growing rapidly.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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