- Ripple has announced a collaboration with FOMO pay.
- The collaboration is part of the company’s strategy to expand its reach in Southeast Asia.
- FOMO Pay’s treasury managers had to use other modes of payment in EUR and USD.
Ripple has announced a collaboration with Singapore-based major payments institution FOMO Pay to use Ripple’s crypto-enabled business technology to improve its cross-border treasury flows.
FOMO Pay is a Singapore-based payments institution that enables seamless cross-border treasury flows for its clients. It uses On-demand liquidity (ODL) to streamline these flows, improving efficiency and reducing costs. This partnership is a great example of how ODL can be used to improve traditional financial infrastructure.
Ripple is a blockchain technology company that enables banks and financial institutions to send money across borders quickly, easily, and cheaply. Ripple’s cryptocurrency, XRP, is the world’s third-largest market capitalization.
Ripple’s collaboration with FOMO Pay is part of the company’s strategy to expand its reach in Southeast Asia. In 2018, Ripple opened an office in Singapore to serve as a hub for its operations in the region.
Ripple’s ODL platform is helping to power FOMO Pay’s cross-border treasury flows and make them more efficient. This partnership is a great example of how Ripple is working with financial institutions to modernize payments and improve customer experience.
ODL is also helping FOMO Pay to comply with new regulations, such as the European Union’s (EU) PSD2 directive. By using ODL, FOMO Pay can authenticate its clients’ identities and transactions, which is required under PSD2.
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.
