Singapore’s FOMO Pay to utilize Ripple (XRP) for blockchain-enabled cross-border flows
Ripple, the enterprise blockchain ad crypto solutions provider, today announced a partnership with Singapore-based payments institution FOMO Pay, which will utilize Ripple’s crypto-enabled enterprise technology to improv...
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Ripple, the enterprise blockchain ad crypto solutions provider, today announced a partnership with Singapore-based payments institution FOMO Pay, which will utilize Ripple’s crypto-enabled enterprise technology to improve its cross-border treasury flows.
On-Demand Liquidity (ODL) leverages XRP, Ripple’s crypto-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.
Historically, ODL has been primarily utilized for cross-border payments to help payment services providers (PSPs) and small-to-medium enterprises (SMEs) manage trapped capital that could be better deployed to help grow and scale their businesses.
However, traditional treasury payments are subject to the same pain points and friction as cross-border payments due to the archaic infrastructure that correspondent banking relies on. In fact, an estimated USD 3.5B is spent annually to address issues associated with treasury and liquidity.
By leveraging ODL for treasury payments, FOMO Pay is 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 makes it easy for PSPs like FOMO Pay to improve internal business cash flows, thereby allowing them 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.”
– Louis Liu, Founder & CEO of FOMO Pay
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