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Ripple’s partner joins forces with Visa to conquer the billion-dollar markets of Thailand and Australia

  • Ripple’s partner DeeMoney partners with Visa for global payments in Thailand.
  • The International Bank of Australia (IBOA), owned by Novatti, obtains authorization to launch a payment solution in Australia.

Recent reports show that Ripple’s partner DeeMoney has entered into a partnership with Visa. The Thai FinTech giant and partner of Ripple for 3 years has partnered with Visa to fully integrate Visa Direct into its global payment platform.

Through this partnership, users will be able to make lightning-fast cross-border payments around the world. Visa as a global payment solution is present in more than 170 countries and allows more than 160 currencies. This becomes easily available to DeeMoney users in Thailand and will only need the recipient’s visa details to send money.

The time-saving attribute of this partnership makes it very attractive. Visa claims that 30 minutes is more than enough for recipients to receive the funds after the transaction. Unlike the days involved with traditional cross-border payment solutions.

DeeMoney Managing Director Aswin Phlaphongphanich explains the value Visa offers. He mentioned that Visa’s speed and security make it ideal for real-time payments.

This partnership allows our customers to send funds directly to the debit card accounts of their friends or family in real time to over 170 countries in over 160 transaction currencies. It also allows real-time payments 24/7, including weekends and holidays, which is not possible with traditional banks.

DeeMoney’s partnership with Visa builds on its previous Partnership with Ripple. The partnership aimed to provide their customers with instant settlement on affordable cross-border payments in Thailand.

The International Bank of Australia obtains a RADI license

Novatti’s dedicated banking arm, IBOA, can now operate fully in Australia. The Australian Prudential Regulation Authority (APRA) has granted International Bank of Australia (IBOA), a Restricted Authorized Depository Institution (RADI) license until November 2, 2024.

This license allows IBOA to offer banking services to the Australian population. It also allows Novatti to extend its payment solution for cross-border payments to and from Australia.

Peter Cook, the current chief executive of Novatti, said in a statement:

Obtaining a restricted banking license is a very important step in the implementation of Novatti’s long-term strategy, and is the culmination of several years of investment and development.

As seen in recent tweets from Australians living outside Australia, this license endorsement is generating excitement as it facilitates their cross-border transactions.

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In a separate statement, IBOA Acting CEO Guy Carvalho noted that one of the main concentrates. Citing fintech partnerships as the top priority.

The newly licensed bank is well aware that traditional banks have not been able to keep up with the disruptive pace of fintech solutions. This is especially true for banks offering alternative solutions for local and international payments. Hence its pre-planned partnership with Novatti to leverage technology to stay ahead.

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