Source: Immersion Imagery – Shutterstock
- Ripple’s partnership with Novatti Group could expand across the entire Southeast Asia region.
- Novatti is hiring a head of cross-border payments.
XRP community member WKahneman has uncovered an update on a Ripple cooperation. In a report from February, Ripple partner Novatti stated that they are seeking to expand their partnership with Ripple to grow in the entire South-East Asia region and create a new cross-border payments into Australia. The report states:
[…] Ripple, to target the rapidly growing South-East Asia region. This will see Novatti’s customers gaining access to the hundreds of financial institutions that Ripple already works with, including high-profile names such as American Express (…).
Plans are also underway to further expand the partnership to see Novatti process Ripple’s broader cross-border payments into Australia, creating a new potential revenue source for Novatti’s core payments processing business.
The scope of cooperation between Ripple and Novatti
As reported by CNF, the cooperation was announced in December 2020 with the aim of opening a payment corridor between Australia and Asia. In that way, Novatti Group Limited aims to enable its customers to use RippleNet to make “fast, simple, and secure” payments. This report reveals that there could be much more behind what was initially announced by the partners, as WKahneman noticed.
Seems to be more to the Novatti partnership than their announced S.E. Asia Ripple platforming.
— WrathofKahneman (@WKahneman) March 9, 2021
Novatti is one of Australia’s largest digital payments and financial services companies. Its services include card issuing, payment processing, and others. Approximately $2.3 billion is processed in transaction activity by Novatti annually.
In addition to being part of RippleNet, Novatti will have access to American Express’s platform, as mentioned above. The cooperations main focus has always been to expand the presence in Australia.
In line with that, Novatti is currently seeking a Head of Cross-Border Payments, according to a job posting on LinkedIn. In it, Ripple’s partner states the following:
You must have Cross Border Payments experience, and especially be familiar with Asian corridors (…). The team is currently focused on (geographically) limited cross border B2B corridors and providing services to P2P Affiliate networks. We have a strong focus on Asian corridors but have not excluded other global corridors of importance.