FOMO Pay Taps Ripple’s Liquidity Solution for Same-Day Settlements Globallyby Fintech News Singapore July 27, 2022
Singapore-based major payments institution FOMO Pay announced that it will utilise Ripple’s crypto-enabled enterprise technology to improve its cross-border treasury flows.
Ripple’s On-Demand Liquidity (ODL) leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, enabling instant and low cost settlement without the need to hold pre-funded capital in a destination market.
By leveraging ODL for treasury payments, FOMO Pay said that it will be able to get 24/7, all year round access to liquidity for EUR and USD, thereby enabling same-day settlement globally.
ODL for treasury payments allows FOMO Pay to improve internal business cash flows, thereby enabling it to reduce business costs and improve operations.
Prior to 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.
“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,”
said Louis Liu, Founder and CEO of FOMO Pay.
“With the Asia Pacific region teeming with opportunities to solve existing silos and inefficiencies with payments, we’re seeing many forward-looking financial institutions clamoring for the next evolution of payment infrastructures – and notably based on crypto and blockchain technologies.
This is why we are so excited to launch this crypto-enabled treasury management use case for ODL with innovative customers like FOMO Pay.”
said Brooks Entwistle, SVP and Managing Director at Ripple.