SAN FRANCISCO & SINGAPORE–(BUSINESS WIRE)–Ripple, the leader in enterprise blockchain and crypto solutions, today announced a partnership with Singapore-based major 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, the digital 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,” said Louis Liu, Founder and CEO of FOMO Pay.
“With the Asia Pacific region teeming with opportunities to solve existing silos and inefficiencies with payments, we’re seeing many forward-looking financial institutions clamoring for the next evolution of payment infrastructures – and notably based on crypto and blockchain technologies,” said Brooks Entwistle, SVP and Managing Director at 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 with cross-border payments. RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers 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 conduct 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 one stop digital payment and banking solution provider. Acceptance of card payment, QR payment and upcoming crypto currency has increased dramatically as governments around the region push an agenda for creating a cashless society and fostering 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 one of the founding members of the Singapore Quick Response Code (SGQR) taskforce and contributed to the introduction of the 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 helping corporates connect with fiat and cryptocurrency.
Ripple is a crypto solutions company that transforms 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 opportunity for more people. With every solution, we’re realizing 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 asset, XRP. This is how we deliver on our mission to build crypto solutions for a world without economic borders.