SAN FRANCISCO AND SINGAPORE–(BUSINESS WIRE)–Ripplethe leader in blockchain and enterprise crypto solutions, today announced a partnership with a leading Singapore-based payment institution Pay FOMOwhich will use Ripple’s crypto enterprise technology to improve its cross-border cash flow.
On-Demand Liquidity (ODL) leverages XRP, the digital asset designed for payments as a bridge between two fiat currencies, enabling instant, low-cost settlement without the need to hold 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 Enterprises (SMEs) manage trapped capital that could be better deployed to help grow and make develop their activities.
However, traditional cash payments are subject to the same issues and frictions as cross-border payments due to the archaic infrastructure that correspondent banking relies on. In fact, a valued 3.5 billion USD are spent each year to resolve cash and liquidity issues.
By leveraging ODL for cash payments, FOMO Pay is able to gain 24/7, year-round access to cash for EUR and USD, enabling same-day settlement worldwide. ODL for cash payments makes it easy for PSPs like FOMO Pay to improve internal business cash flow, enabling them to reduce business costs and improve operations. Prior to using ODL, FOMO Pay cash managers had to use other payment methods in EUR and USD where funds took 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 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,” said Louis Liu, Founder and CEO of FOMO Pay.
“With the Asia-Pacific region brimming with opportunities to address existing payments silos and inefficiencies, we see many forward-thinking financial institutions clamoring for the next evolution of payments infrastructures – and especially ones based on crypto technologies. and blockchain,” said Brooks Entwistle, SVP and Managing Director of Ripple. “That’s why we’re excited to launch this crypto cash management use case for ODL with innovative clients like FOMO Pay.”
Ripple was the first company to leverage crypto to address 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 offers a superior end-customer experience, simplified network partnership, liquidity management solutions, lines of credit and state-of-the-art infrastructure to enable real-time payments.
FOMO Pay joins companies such as Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, Pyypl and many more who are realizing the benefits of ODL for their business and their 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 and merchant acquiring service. Founded in 2015, we have grown into a leading provider of one-stop digital payment and banking solutions. Acceptance of card payment, QR payment and upcoming cryptocurrency has increased significantly as governments in the region push forward an agenda to create a cashless society and foster financial inclusion.
FOMO Pay has enabled merchants and financial institutions to accept a full suite of payment methods in emerging markets in 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) Task Force and helped introduce the SGQR – a national standard to unify all e-wallets and move towards promoting a cashless in Singapore. FOMO Pay aims to build Asia’s first licensed gateway helping businesses connect with fiat and cryptocurrency.
Ripple is a crypto solutions company transforming the way the world moves, manages and symbolizes 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 broader developer community, we identify use cases where crypto technology will inspire new business models and create opportunities for more people. With each solution, we achieve 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 fulfill our mission to create crypto solutions for a world without economic borders.