Novatti Group (ASX:NOV) - Managing Director, Peter Cook
Managing Director, Peter Cook
Source: Finance News Network
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  • Digital banking and payments group Novatti (NOV) has partnered with global payments company, Ripple, to target the Southeast Asia market
  • Through its global financial network, RippleNet, Ripple allows its partners to instantly process global payments and access emerging capabilities, such as blockchain and XRP
  • Novatti’s customers will gain access to RippleNet and the financial institutions that Ripple works with, such as American Express and MoneyGram
  • The companies will initially target transactions between Australia and Southeast Asia
  • They’ll also aim for Novatti to process Ripple’s cross-border payments into Australia which may create a new revenue source for Novatti’s core payments processing business
  • Novatti’s shares are in the grey, trading at 27.5 cents

Novatti Group (NOV) has partnered with global payments disrupter, Ripple, to target the Southeast Asia region.

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.

Through its global financial network, RippleNet, Ripple allows its partners to process global payments instantly, as well as access emerging, high-growth capabilities, such as blockchain and XRP, which is the world’s third largest digital currency.

“Novatti is incredibly excited to partner with Ripple, who are rapidly disrupting the global payments industry. This partnership will further increase Novatti’s competitiveness and provide our customers with access to new, innovative payment solutions,” Novatti Managing Director Peter Cook said.

The companies will initially target transactions between Australia and Southeast Asia.

Additionally, Novatti’s customers will gain access to RippleNet, its capabilities, and the financial institutions, such as American Express and MoneyGram, that Ripple already works with.

“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,” Peter added.

Ripple and Novatti will also aim to expand the partnership to see Novatti process Ripple’s broader cross-border payments into Australia. This is set to create a new potential revenue source for Novatti’s core payments processing business.

Novatti’s shares are in the grey, trading at 27.5 cents at market close.

NOV by the numbers
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