Australian Payments Firm, Novatti Launches Partnership With Ripple to Leverage RippleNet
Novatti Group Limited, a digital banking and payments company, announced an innovative partnership with Ripple Inc. this last Monday. The partnership aims to foster the integration of RippleNET, Ripple’s global financial network, in Novatti’s platform to enhance the transfer of funds across South East Asia and the world.
According to the statement obtained by BEG, Novatti becomes one of the major partners of Ripple, allowing the company to “gain access to the RippleNET framework, its capabilities, and the hundreds of financial institutions and clients” Ripple is already working with. The digital payments firm will benefit from the distributed technology network RippleNET provides, including instant settlement transfers and other features such as bi-directional messaging, liquidity management, and credit lines.
The partnership further aims to “increase Novatti’s competitiveness” while offering users better and more efficient payment solutions [especially in Australia and Southeast Asia], managing director of Novatti, Peter Cook, said.
Cook further praised Ripple's partnership with his sights on integrating the innovative blockchain and decentralized solutions RippleNET offers. He further 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.”
At launch, the services will only target cross-border transfers across Australia and South East Asia region customers with a plan to strengthen its hold in the Australian market. This is expected to grow Novatti’s potential revenue and customer base in its core payments business, the report further states.
The company recorded its highest quarterly revenue in data collected in September – a total of $3.65 million – representing a 46% year-on-year growth. Moreover, the company welcomed the partnership of UnionPay, Samsung Pay, Google Pay, VISA, and Alipay recently. Cook concluded,
“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.”