A Singapore-based payment solution provider is going to use On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payment product.
FOMO Pay will use ODL to improve its cross-border treasury flows, according to a new press release from Ripple.
The fintech company, which was founded in 2015, aims to use the cross-border payment product to get constant access to liquidity for the euro and dollar in order to facilitate same-day settlements.
Explains Louis Liu, founder and CEO of FOMO Pay,
“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.”
While Ripple remains in a protracted standoff with the U.S. Securities and Exchange Commission (SEC), the FOMO Pay deal marks the latest in a series of international business partnerships.
In March, Ripple partnered with FINCI, a Lithuanian fintech firm, to use ODL to facilitate cross-border money transfers.
Last September, the San Francisco-based company announced it was working with Bhutan to create a central bank digital currency (CBDC), and in November it partnered with the Republic of Palau to develop a government-backed stablecoin and ease cross-border money transfers.
A number of companies utilize ODL, including Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, and Pyypl, among others.
XRP is trading at $0.336397 at time of writing. The 7th-ranked crypto asset by market cap is up 0.11% in the past 24 hours.
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