Within months of announcing their partnership with global payments disruptor Ripple, digital payments company Novatti Group (ASX: NOV) is actively utilising blockchain fintech to remit money between Australia and Asia as their newest revenue stream.
Long-time specialists in cross-border payments with an international network of partners, Novatti first engaged Ripple in December 2020 to connect into their payments network, RippleNet. By utilising the disruptive tech used by more than 300 financial institutions, including American Express, users can transact large amounts of money at just a fraction of the time and cost it takes if done via legacy banking systems. This is done by leveraging the digital token XRP, which trades with a market cap of more than USD $40 billion and fuels RippleNet.
“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,” said Novatti Managing Director, Peter Cook.
“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.”
With their portals on RippleNet now active and in partnership with the Philippines’s largest non-bank remittance service provider, iRemit, Novatti expects to process several thousand transactions per month through the network. Additionally, Novatti has already commenced discussions with financial service clients in South East Asia where they will seek to expand their cross-border payments service.
As traditional banks are still catching up with the disruptive power of blockchain technology for digital payments, Novatti has long had an interest in cryptocurrency and its capabilities. This included ties to Steller (XLM), another blockchain payments platform.
This interest was most recently witnessed by a provisional parent application submitted by Novatti to the Australian Patent Office for a “Secure and compliant multi-cryptocurrency payment gateway”.
While the Company remains tight-lipped about what the tech behind the patent will look like, Cook recently described it as a link between crypto exchanges and wallets that “will provide consumers with digital asset wallets with participating exchanges with a secure and compliant option to pay in their chosen, participating cryptocurrency, while ensuring merchants receive the applicable fiat or cryptocurrency in return.”
Through their total global payments network, Novatti processes more than $2.5 billion annually.
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