Ripple had entered into a partnership with Australian digital banking and payments company Novatti Group (NOV) which is now live in the Philippines. Prior to this, Novatti partnered with Ripple by the end of last year. Under this deal, Novatti’s customers were able to gain access to RippleNet.
Novatti Group Teams Up With iRemit to Gain Access to Ripple
Customers of Novatti will now be able to send instant transactions to the South East Asian country. For providing payments to the Philippines, Novatti has joined forces with local remittance service provider iRemit, one of the first adopters of Ripple’s On-Demand Liquidity (ODL) solution.
Through this deal, Novatti is expecting to process several thousand transactions per month through RippleNet. Through its global finance network, RippleNet, the blockchain company allows its partners to process global payments instantly.
Remarking on the partnership, Novatii Managing Director, Peter Cook said:
“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. 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.”
Novatti is an Australian-based digital banking and payments company that provides payment services including card issuing, merchant acquiring, payment processing, and settlements. The company’s partnership with Ripple is part of its broader strategy to develop a digital banking and payments ecosystem.
Novatti Share price Risen By 300% Over the Year
In January 2021, Visa awarded a license to Novatti to issue its cards in New Zealand, after the company obtained regulatory approval from the New Zealand government in October. Adding to it, Novatii Managing Director, Peter Cook said:
“The early success of Novatti’s partnership with Ripple also highlights the benefits of our broader overseas expansion since the start of this year, with new licenses obtained for the New Zealand market and Emersion now up and running in the US.”
In the first quarter, Novatti has reported sales revenue of $7.35 million, up to 49% year-on-year. The company’s share price has risen by 300% over the past year.