A Singapore-based payment solution provider is to use On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payment product.
FOMO Pay will use ODL to improve its cross-border cash flow, according to a new press release from Ripple.
The fintech, founded in 2015, aims to use the cross-border payment product to gain constant access to liquidity for the euro and dollar 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 customers with more efficient and cost-effective payment methods across multiple currencies. We are excited to partner with Ripple to leverage the liquidity on-demand for cash management, allowing us to achieve affordable and instant settlement in EUR and USD worldwide.
As 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 company, 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 stablecoin backed by the government and facilitate cross-border money transfers. .
A number of companies use ODL, including Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, and Pyypl, among others.
XRP is trading at $0.336397 at the time of writing. The 7th largest crypto asset by market capitalization has increased by 0.11% in the past 24 hours.
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