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.
iRemit leverages the digital asset XRP as a bridge currency to eliminate the need for pre-funding in cross-border payments.
Because there is often an imposter in the comments that has taken my profile and name, comments will by default be uploaded shortly after left, to filter these bad actors. Sorry, many of us deal with these scammers who leave phone numbers and replies which I would never do.
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