Novatti Teams up with Ripple to Enter the Philippines Market

Novatti Group Limited, a leading digital banking and payments company, announced that it has partnered with global payments Ripple​.

Ripple uses its decentralised, global financial network, RippleNet, to provide Novatti with the ability to process global payments instantly, as well as providing access to emerging, high-growth capabilities, such as blockchain and the digital asset, XRP, a top five global cryptocurrency currently valued at more than USD$40 billion.

Novatti signed a new partnership with Ripple​ in December 2020 to provide Novatti’s fintech customers with access to these capabilities. The initial focus of the partnership was to target cross-border transactions between Australia and the SouthEast Asia region, particularly the Philippines. This focus is delivering new customers, with Novatti now partnering with the Australian subsidiary of the Philippines’s largest non-bank, Filipino-owned, remittance service provider, iRemit, through RippleNet.2 This alone is expected to result in several thousand transactions a month being processed by Novatti through RippleNet. Revenue from this partnership is dependent on take-up of the services. Importantly, discussions are already underway to also expand this service to new financial services clients in South East Asia.

“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”, Peter Cook, Managing Director of Novatti said.