SAN FRANCISCO & SINGAPORE–(BUSINESS WIRE)–Ripple, a leader in enterprise blockchain and crypto solutions, today announced a partnership with Singapore-based major payments institution FOMO Pay, which will use Ripple’s crypto-enabled enterprise technology to enhance its cross-border treasury flows.
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 have pre-funded capital in a destination market.
Historically, ODL has primarily been used for cross-border payments to help payment service providers (PSPs) and small and medium-sized enterprises (SMEs) manage locked-up capital that can be better used 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 3.5 billion is spent annually to solve problems related to treasury and liquidity.
By leveraging ODL for treasury payments, FOMO Pay is able to gain 24/7, 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, allowing them to reduce business costs and improve operations. Before adopting ODL, FOMO Pay’s finance managers had to use other payment methods in EUR and USD, where it would take 1-2 days to reach destination accounts.
“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our customers with more efficient and cost-effective payment methods in various currencies. We are pleased to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us achieve affordable and instant settlement in EUR and USD globally, said Louis Liu, founder and CEO of FOMO Pay.
“With the Asia-Pacific region full of opportunities to address existing silos and inefficiencies with payments, we see many forward-thinking financial institutions clamoring for the next evolution of payment infrastructures – and in particular based on crypto and blockchain technologies,” said Brooks Entwistle, SVP and CEO of Ripple. “This is why we are so excited to launch this crypto-enabled treasury management use case for ODL with innovative customers like FOMO Pay.”
Ripple was the first enterprise company to leverage crypto to tackle the trillion dollar challenges of cross-border payments. RippleNet leverages blockchain technology to help partners across a global network accelerate business performance and scale. It provides a superior end customer experience, simplified network partnering, liquidity management solutions, lines of credit and state-of-the-art infrastructure to enable real-time payments.
FOMO Pay joins companies including Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, Pyypl and more who are realizing the benefits of ODL for their business and customers.
About FOMO Pay
FOMO Pay Pte Ltd is a major payment institution (License No. PS20200145) in Singapore, licensed by the Monetary Authority of Singapore to provide cross-border money transfer service, domestic money transfer service, digital payment token service and merchant acquisition service. Founded in 2015, we have become a leading supplier of digital payment and banking solutions. Acceptance of card payment, QR payment and upcoming cryptocurrency has increased dramatically as governments around the region push an agenda to create a cashless society and promote financial inclusion.
FOMO Pay has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Asia and Africa. Our partners include NETS, Mastercard, GrabPay, Singtel Dash, WeChat Pay, Shopee Pay, etc. FOMO Pay was also a founding member of the Singapore Quick Response Code (SGQR) task force and contributed to the introduction of SGQR – a national standard to unify all e-wallets and move towards promoting a cashless society in Singapore. FOMO Pay aims to build Asia’s first licensed gateway that helps businesses connect to fiat and cryptocurrency.
About Ripple
Ripple is a crypto solutions company that is transforming how the world moves, manages and tokenizes value. Ripple’s business solutions are faster, more transparent and more cost-effective – solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, we identify use cases where crypto technology will inspire new business models and create opportunities for more people. With each solution, we realize a more sustainable global economy and planet – increasing access to inclusive and scalable financial systems while leveraging carbon-neutral blockchain technology and a green digital resource, XRP. This is how we deliver on our mission to build crypto solutions for a world without financial borders.
