Leading enterprise blockchain and crypto solutions provider Ripple is collaborating with FOMO Pay, a Singapore-based payments institution, to use Ripple’s payment architecture for cross-border treasury payments.
Ripple Partners with FOMO Pay
In a July 25th press release, Ripple Labs announced its latest partnership with Singapore payment giant FOMO Pay.
Ripple revealed that FOMO Pay will use Ripple’s On-Demand Liquidity (ODL) to facilitate instant, low-cost cross-border U.S. Dollar (USD) and Euro (EUR) settlements.
By leveraging ODL for treasury payments, FOMO Pay will benefit from Ripple’s 24/7, year round settlements, which offer same-day settlements regardless of location.
Before ODL, cross-border treasury payments took between one and two days to settle. Additionally, FOMO Pay will no longer need to hold pre-funded capital in a destination market.
Speaking on the partnership, Louis Liu, Founder and CEO of FOMO Pay, said:
"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." The partnership means FOMO will join Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, and Pyypl as one of the top payment platforms to have adopted ODL, using XRP as a bridge for instant settlements.
On the Flipside
- In a first-of-its-kind move, Ripple has collaborated with QNB to launch a direct remittance service for money transfers from Qatar to the Philippines.
Why You Should Care
Ripple has continued to make significant progress and growth as a global payment processor, despite its legal battles in the U.S.
For the latest on the Ripple Vs. SEC case, read:
Ripple’s Lawsuit: Why SEC Ignores Jed McCaleb?
Find out more about Ripple’s plans as the case drags on:
Ripple Reveals Plans to Relocate if It Loses SEC Case – Sets up Shop in Canada