- Ripple’s partner DeeMoney joins forces with Visa for global payments in Thailand.
- Novatti-owned International Bank of Australia (IBOA) gets approval to launch payment solution in Australia.
Recent reports show that Ripple partner DeeMoney has entered a partnership with Visa. The FinTech giant out of Thailand and a 3-year-old partner with Ripple, has partnered with Visa to fully integrate Visa Direct into its global payment platform.
Per this partnership, users will be able to carry out lighting speed cross-border payments globally. Visa as a global payment solution is present in over 170 countries and enables over 160 currencies. This becomes readily available to DeeMoney users in Thailand and will only need the Visa details of the recipient to send money.
The time-saving attribute of this partnership makes it very appealing. Visa claims that 30 minutes is more than enough for recipients to receive funds after the transaction. Unlike the days involved with traditional cross-border payment solutions.
The chief executive officer of DeeMoney, Aswin Phlaphongphanich, explains the value that Visa offers. He mentioned that Visa’s speed and security make it ideal for real-time payments.
This partnership allows our customers to send funds directly to their friends’ or family’s debit card accounts in real-time to more than 170 countries in over 160 transaction currencies. It also enables real-time payments 24/7, including weekends and holidays, which are not feasible with traditional bank
DeeMoney’s partnership with Visa rides on the back of its earlier partnership with Ripple. The partnership was intended to provide instant settlement for their customers on affordable cross-border payments in Thailand.
International Bank of Australia get RADI License
Novatti’s dedicated banking arm, IBOA, can now fully operate in Australia. The Australian Prudential Regulation Authority (APRA) has granted the International Bank of Australia (IBOA), a Restricted Authorized Deposit-taking Institution (RADI) license until Nov. 2nd, 2024.
This license allows IBOA to offer banking services to the Australian population. It also gives Novatti access to spread its payment solution for cross-border payments in and out of Australia.
#Ripple partner Novatti (ODL) has built a bank, International Bank of Australia and obstained as Restricted Banking License. “The bank will be able to leverage Novatti’s existing payments ecosystem and global operating base…"https://t.co/ufjV09tk1G
— WrathofKahneman (@WKahneman) January 24, 2023
Peter Cook, the current managing Director of Novatti in a statement said,
Being granted a restricted banking license is a very significant milestone in the delivery of Novatti’s long term strategy, and is the culmination of several years of investment and development.
As seen in recent tweets from Australians living outside Australia, this licensing approval brings excitement as it eases their cross-border transactions.
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In another statement, the acting CEO of IBOA, Guy Carvalho, highlighted that one of IBOA’s major focuses. Citing fintech partnerships as the topmost priority.
The newly licensed bank is well aware that traditional banks have not been able to match the disruptive tempo of fintech solutions. This is especially true for banks with alternative solutions for local and international payments. Hence, its pre-planned partnership with Novatti to leverage technology to stay ahead.