FOMO Pay, a top payments institution based in Singapore is set to leverage Ripple’s On-Demand Liquidity (ODL) for optimized treasury management and cross-border payments. The first enterprise company to utilize crypto in tackling cross-border payments problems is Ripple.
FOMO Pay Partners with Ripple
To improve its treasury flows, FOMO Pay has partnered with Ripple, a top blockchain company to utilize its cross-border payments solution, ODL.
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On-Demand Liquidity (ODL) employs the Ripple token, XRP, as a bridge between two fiat currencies. In turn, enabling instant and low-cost settlement without the need to hold pre-funded capital in the destination market.
FOMO Pay is a licensed payment institution in Singapore and a leading one-stop digital payment and banking solution provider. Ripple’s payments solution, On-Demand Liquidity (ODL) helps in reducing the cost and delivery time for cross-border transfers.
Reportedly, ODL has been primarily utilized for cross-border payments to help payment services providers (PSPs) and small-to-medium enterprises (SMEs) manage. Renowned companies like Tranglo and Novatti have adopted Ripple’s ODL for faster cross-border payments.
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Part of the announcement read;
“By leveraging ODL for treasury payments, FOMO Pay can get 24/7, all year round access to liquidity for EUR and USD, thereby enabling same-day settlement globally. ODL for treasury payments makes it easy for PSPs like FOMO Pay to improve internal business cash flows, thereby allowing them to reduce business costs and improve operations.”
“Before using ODL, FOMO Pay’s treasury managers had to use other modes of payment in EUR and USD where funds would take 1-2 days to reach destination accounts”, it added.
It is worth noting that FOMO Pay has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Asia and Africa. Partnering with Ripple would help the payments company offer lower costs services to clients.
In commenting on the strategic partnership, Louis Liu, Founder, and CEO of FOMO Pay noted;
“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our clients with more efficient and cost-effective payment modes in different currencies. We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us to achieve affordable and instant settlement in EUR and USD globally.”
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