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.
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SOURCE Verv
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