A new partnership has just been announced between Ripple Y Novatti to increase transactions in the Pacific area.
Novatti (#ASX: $ NOV) is pleased to report a new Tier One partnership with global #payments industry disrupter, @Ripple, to fast-track our international expansion. Full details available in our ASX announcement: https://t.co/zykOWRcDLz pic.twitter.com/nWoRAIPwWw
– Novatti (@NovattiPayments) December 6, 2020
Novatti is a company in the digital banking sector that operates in several countries and also in Australia with the Australian Financial Service License, thus benefiting a considerable group of users.
For its part, Ripple has one of the best technologies to interact with the traditional banking system and therefore implement one of its technologies, such as RippleNet, allows to process a greater number of transactions.
In fact, one of the challenges for this type of banking company is to cover as many users as possible while keeping costs low. Otherwise it would be too expensive for the bank and the costs would also be passed on to the end customer, increasing the fees.
This not only increases the number of transactions and volumes that Novatti will be able to handle, but also offers a solution that doesn't have much of an impact on the company's budget and is even more efficient than the traditional one.
Ripple and Novatti for cross-border transactions
In addition, the integration with Ripple will allow better management the cross border transactions, as most of the transactions will be between Australia and Asia.
Novatti Managing Director, Peter cook, explained:
“Novatti is incredibly excited to partner with Ripple, which is rapidly revolutionizing the global payments industry. This partnership will further increase Novatti's competitiveness and provide our customers with access to new and innovative payment solutions. In particular, we look forward to working with Ripple to provide our clients with access to their exciting alternative financing solutions, so that our clients can free up capital to focus on growing their businesses. ”
Certainly Ripple is no stranger to these partnerships, having only signed a agreement multimillionaire with TransferGo and just charge more than $ 15 million from the sale of his MoneyGram shares.