Novatti to expand RippleNet use in Thailand

by | Apr 30, 2021 | 0 comments

Novatti’s recently announced partnership with Ripple is now live with revenue-generating transactions taking place, with the company planning to expand this service in Thailand.

Novatti taps ODL

Novatti Group, a leading digital banking, and payments company that enables fast, simple, and secure payments, was founded in Australia in 1996. Novvati recently announced that it joined Ripple’s global payment network while also tapping RippleNet’s On-Demand Liquidity (ODL) service – leveraging XRP for instant, cross-border payments.

The partnership initially focused on remittances between Australia and the Philippines through the country’s largest non-bank, Filipino-owned remittance service provider, iRemit. Novatti expected to process several thousand transactions a month through RippleNet and was planning to quickly scale the service to more fintech customers and other countries in Southeast Asia.

Novatti Quarterly Update

Novatti’s quarterly report provided an update on its activities for the March FY21 quarter. Novatti reported its partnership with Ripple is now live with revenue-generating transactions taking place. 

“Ripple uses its decentralized, global financial network, RippleNet, to provide its partners 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$60 billion.”

After targeting cross-border transactions between Australia and the South-East Asia region, Novatti achieved its first monetization of the partnership by processing cross-border transactions for a leading remittance provider in the Philippines. This alone is expected to result in several thousand transactions a month being processed by Novatti through Ripple’s payments network, RippleNet. At the same time, Novatti announced that discussions are already underway to add further clients to this service, including in Thailand.

As announced a few weeks ago, one RippleNet member in the Philippines working with Novatti is the country’s largest non-bank, Filipino-owned remittance service provider, iRemit. Other RippleNet members in the Philippines that Novatti could work with are Cebuana Lhuillier and BDO Bank and in Thailand Krungsri Bank, Siam Commercial Bank (SCB), and DeeMoney, a RippleNet member that uses ODL.

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