- Novatti’s RippleNet integration is now live for transactions between Australia and the Philippines.
- Discussions are underway to add more Southeast Asian customers to the RippleNet based service.
Novatti Group Limited, a digital banking and payments company, today announced that its recently signed partnership with Ripple is now live. This was established in December 2020 to provide the company’s fintech clients with access to RippleNet. The initial focus of the partnership was on cross-border transactions between Australia and the Southeast Asia region, particularly the Philippines.
As Novatti explained in an official press release, this focus allows them to acquire new customers, with Novatti now working with the Australian subsidiary of the Philippines’ largest remittance service provider iRemit. This alone is expected to process several thousand transactions per month from Novatti via RippleNet. The exact amount will depend on the take-up of the services.
Novatti is also already in talks with other clients to expand its RippleNet based services to other financial services providers in Southeast Asia. Novatti’s managing director, 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.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 also emphasized that leveraging RippleNet will provide new revenue opportunities and allow the company to gain a stronger stake in the global demand for digital payments, which we expect to accelerate in the future. In addition, the early success of Novatti’s partnership with Ripple also underscores the benefits of its “broader overseas expansion since the beginning of this year,” with new licenses for the New Zealand market and in the United States.
The fintech said the announcement follows other growth-oriented successes. Among them, Novatti recently reported record half-year revenue of $7.35 million – up 49% year-over-year – and licensing by Visa to issue prepaid cards in New Zealand.