Ripple to partner with FOMO Pay

Ripple has reportedly partnered with FOMO Pay. This is an institutional provider of digital payment solutions from Singapore.

Payment solution for FOMO pay

Ripple has partnered with FOMO Pay. FOMO Pay is a Singapore-based institutional provider of digital payment solutions. FOMO Pay is the next company to join Ripple.

With this partnership, FOMO Pay plans to leverage Ripple’s crypto-enabled enterprise technology, which should make its cross-border cash flows smoother.

Previously, FOMO Pay used the traditional payment system for cross-border transactions in euros and US dollars. These transactions could take up to two days. With this new partnership, ODL (On-Demand Liquidity), the company will be able to settle transactions instantly with very low transaction costs.

Ripple .’s ODL Feature

ODL is built as a platform to bridge two fiat currencies. This, in turn, should help direct and cheap settlement of the transaction. All this without the need to hold a pre-financed capital.

Ripple’s ODL services have become popular as it is used by multiple companies such as Pyypl, Tranglo and SBI Remit. ODL has helped several companies improve internal cash flow, which in turn reduces operating costs. The service helps to make operations run more smoothly. Louis Liu, founder and CEO of FOMO Pay said the following:

We look forward to partnering with Ripple to leverage their on-demand liquidity to manage our treasury, enabling affordable and instant settlement in EUR and USD worldwide.

Ripple’s Payment Technology

Japan’s SBI Remi also partnered with ODL service last year to transfer money from Japan to the Philippines. Other companies are also integrated with the Ripple ODL service.

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The payment technology has helped XRP despite the lawsuit in the US over the unregistered sale of XRP. Brooks Entwistle, SVP and Managing Director at Ripple, said:

With the Asia-Pacific region teeming with opportunities to solve existing payment silos and inefficiencies, we see many forward-looking financial institutions clamoring for the next evolution of payment infrastructures and blockchain technologies. This is why we are so excited to launch this crypto-enabled treasury management use case for ODL with innovative clients like FOMO Pay.

Ripple was one of the first worldwide to use crypto to meet the challenges of cross-border payments. RippleNet uses the blockchain technology to help its partners around the world accelerate business performance. In addition, Ripple also helps them to scale up. This technology provides better solutions for liquidity management. In addition, it provides access to state-of-the-art infrastructure that helps partners make real-time payments.

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