Digital payments company Novatti Group (ASX: NOV) has
strengthened its capabilities in Europe with the launch of Verv, a new business
payments and banking service in that market.
LIMASSOL, Cyprus, June 25,
2022 /PRNewswire-PRWeb/ -- Using Verv, business
customers in Europe can open a
digital bank account with its unique IBAN – International Bank
Account Number – for standardised banking services worldwide. This
is the international equivalent of Australia's BSB system but on a standardised
global scale.
Once an account has been set up on Verv, European-based
customers will be able to send and receive money, make payment
requests and schedule recurring payments. The services will be
further enriched in the future to include corporate card issuing,
payroll payments, merchant payment gateways, invoicing analytics
and more.
Critically, all of these services will be Apple, Google and
Samsung mobile-friendly for ease of payments in the tech-savvy
European region courtesy of existing Novatti partnerships
worldwide.
- "Continuing on our strength of enabling businesses to pay and
be paid, Verv will offer an innovative suite of payment solutions,
including merchant accounts, money transfers and in the future
include expense and payroll management and the ability to accept
customer payments through customisable checkout pages," said
Novatti Managing Director, Peter
Cook.
- "Providing all these services in the one place will save
businesses the hassle of dealing with multiple providers for
different solutions, while also getting access to Novatti's
world-leading technology."
- "The launch of Verv is part of Novatti's continued expansion in
the EU. This is furthered by our application to obtain our licence
as an E-Money Institution in Europe, which will enable Novatti to issue a
range of financial products to the mature European payments
landscape."
Having already been operating in Europe for several years, Novatti views Verv
as a value-added service to their hundreds of EU-based merchants
while it will also drive new customers into their ecosystem.
Revenue generated directly from Verv will be dependent on
take-up. Still, it will also act as a gateway to other digital
payment services offered by Novatti in Europe where they are awaiting the granting of
an EU e-money licence.
This mirrors their situation in Australia last year where regulators only just
resumed issuing banking licences in mid-2021 following the
COVID-forced hiatus.
Upon granting their banking licence, which Novatti hopes to
secure within the coming months, their banking business will also
be able to provide value-add services to their existing
customers.
In its latest Global Payments Report released this month,
research firm McKinsey is forecasting global payments revenue to
increase 30% between 2021 and 2025. The report also notes that
around two-thirds of the decrease in cash usage following COVID-19
will be permanent, thus pushing even more the rise in digital
transactions. As such, the strengthening of Novatti's presence in
Europe through Verv; could not
have come at a more fitting time.
Global Payment Report
Media Contact
Stavros Psyllos, Stavros Psyllos, 357 77 788 779,
Stavros.psyllos@novatti.com
SOURCE Verv