DeeMoney, a Ripple partner out of Thailand, has recently entered into a partnership with Visa to integrate Visa Direct into its global payment platform. According to reports, this partnership will enable users of DeeMoney to carry out cross-border payments globally at lightning speed. Visa, being a global payment solution with a presence in over 170 countries and enabling over 160 currencies, becomes readily available to DeeMoney users in Thailand. This allows the users to send money seamlessly, only needing the Visa recipient details to initiate the transaction.
This partnership will particularly benefit customers who want to send funds to their friends or family’s debit card accounts in real-time, more so in the context of traditional cross-border payments that often involve long wait time lasting days. VISA claims that it takes only 30 minutes for the recipients to receive funds after the transaction, while DeeMoney’s CEO, Aswin Phlaphongphanich, highlights Visa’s speed and security as ideal for real-time payments.
This partnership aligns with DeeMoney’s earlier partnership with Ripple, where they intended to provide instant settlement for their customers on affordable cross-border payments in Thailand. In this regard, the integration of Visa Direct will further strengthen the speed and efficiency of DeeMoney’s payment platform, taking it to a whole new level.
In a bid to expand its payment solution for cross-border payments, Novatti owned International Bank of Australia (IBOA), has recently acquired a Restricted Authorized Deposit-taking Institution (RADI) license, which allows the bank to offer banking services to the Australian population till Nov. 2nd, 2024. This license also gives Novatti access to spread its payment solution out of Australia. Peter Cook, the current managing Director of Novatti, in a statement, says being granted a restricted banking license is a significant milestone in the delivery of Novatti’s long term strategy, which is the culmination of several years of investment and development.
IBOA is well aware that traditional banks have not been able to match the disruptive tempo of fintech solutions, especially for banks that offer alternative local and international payment solutions. The newly licensed bank has prioritized fintech partnerships, planning to leverage technology to stay ahead. It has pre-planned a partnership with Novatti to achieve this.
Additionally, recent tweets from Australians living outside Australia indicate excitement about the licensing approval as it eases their cross-border transactions.
In conclusion, DeeMoney’s partnership with Visa Direct and IBOA’s licensing approval, both aimed at offering seamless and efficient cross-border payments, are welcome additions to the global payment ecosystem. These partnerships further solidify the position of Ripple as a leader in the blockchain-based global payments industry, providing excellent solutions that streamline cross-border transactions.