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  • A partnership between digital banking and payments group Novatti Group (NOV) and global payments company Ripple has now gone live in the Philippines
  • Last year, the companies formed a partnership to target the South East Asia market
  • Now, Novatti is partnering with remittance service provider iRemit through Ripple’s finance network, RippleNet
  • This alone is expected to result in several thousand transactions a month being processed
  • On the market this morning, Novatti is up 5.05 per cent and is trading at 52 cents per share

A partnership between digital banking and payments group Novatti Group (NOV) and global payments company Ripple has now gone live in the Philippines.

Novatti is a digital banking and payments company that provides payment services including card issuing, merchant acquiring, payment processing and settlements which supports the likely transition to a cashless economy.

In December, Novatti partnered with Ripple to target the South East Asia market.

Through its global finance network, RippleNet, Ripple allows its partners to process global payments instantly, as well access emerging, high-growth capabilities, such as blockchain and XRP — a top-five global cryptocurrency.

Under the partnership, Novatti’s customers will gain access to RippleNet.

Novatti is now partnering with remittance service provider iRemit through RippleNet. This alone is expected to result in several thousand transactions a month being processed by Novatti.

Revenue from this partnership depends on take-up of the services. Importantly, discussions are already underway to also expand this service to new financial service clients in South East Asia.

Novatii Managing Director Peter Cook is pleased to see the partnership deliver 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,” he said.

“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,” he added.

On the market this morning, Novatti is up 5.05 per cent and is trading at 52 cents per share at 10:44 am AEST.

NOV by the numbers
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