Ripple, FOMO Pay Partner To Upgrade Payment Management
2022.07.27 14:05
Ripple, FOMO Pay Partner To Upgrade Payment Management
- Ripple has announced a partnership with FOMO Pay.
- The partnership will help improve cross-border treasury flows.
- FOMO Pay is a Singapore-based payment platform.
Ripple has announced a partnership with FOMO Pay to help improve cross-border treasury flows. By utilizing XRP, On-Demand Liquidity (ODL) enables rapid and inexpensive settlement without the requirement of holding pre-funded money in a destination market.
ODL has historically been used mostly for cross-border payments to aid payment services providers (PSPs) and companies (SMEs) in managing stranded cash that may be better used to aid in company expansion and scaling.
However, because correspondent banking depends on outdated infrastructure, conventional treasury payments have the same difficulties and friction as cross-border payments.
In fact, it is projected that $3.5 billion is spent yearly to deal with treasury and liquidity-related problems.
By utilizing ODL for treasury payments, FOMO Pay can obtain 24/7, 365-day access to EUR and USD liquidity, enabling same-day settlement around the globe.
PSPs like FOMO Pay may easily enhance internal cash flows by using ODL for treasury payments, which enables them to save costs and enhance operations.
Before adopting ODL, FOMO Pay’s treasury management had to use alternative EUR and USD payment methods, which required 1-2 days for funds to arrive at target accounts.
Louis Liu, founder and CEO of FOMO Pay, said:
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.
Ripple has stayed relevant and is a preferred option despite its declining price. The ODL service it provides is thought to be the cause of it.
Major institutions from all around the world, but especially from Asia, have indicated an interest in utilizing Ripple’s ODL service. According to the Q1 2022 XRP Market Report, the ODL company has generated significant volumes.
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