Novatti, Australia major payment company announced use of RippleNet.
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.
Novatti (#ASX: $NOV) is pleased to report its #fintech partnership with #paymentsdisrupter @Ripple, is now live, generating revenue in the Philippines & discussions are underway to expand further through SE Asia. #XRP $XRP Read more: https://t.co/1HX0HByXb4 pic.twitter.com/9A7fUkV1LL
— Novatti (@NovattiPayments) April 9, 2021
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.
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.
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.