Ripple has announced a partnership with Singapore-based payment company FOMO Pay to use the Ripple ODL solution in international treasury transactions.
The On-Demand Liquidity (ODL) solution is used to make cross-border payments, simplifying money management for payment service providers and small and medium enterprises, while creating conditions for business scaling. ODL supports payments in the XRP cryptocurrency, which acts as a bridge between fiat currencies, providing instant settlements.
Ripple specialists say that traditional treasury transactions show the same problems as international payments. This is due to the outdated banking infrastructure. Ripple estimates that the annual costs associated with cash transactions and liquidity are as high as $3.5 billion.
FOMO Pay founder and CEO Louis Liu says FOMO Pay is one of the leading payment services in Singapore and is committed to providing its customers with more efficient multi-currency payment options. Using ODL’s treasury payment solution, FOMO Pay will be able to access 24/7 liquidity in EUR and USD, allowing for near-instantaneous settlement. Then, without the use of ODL, the funds are credited to the accounts within a few days.
“Many financial institutions in the Asia-Pacific region are ready to modernize payment infrastructures using cryptocurrencies and blockchain technology. We are excited to have innovative clients like FOMO Pay using our financial management solution,” said Brooks Entwistle, Senior Vice President and Managing Director at Ripple.
Last year, Ripple launched the ODL service for money transfers between Japan and the Philippines, and in the fall, the company announced its readiness to enter the markets of the Middle East and North Africa. In May, Ripple announced a partnership with the Lithuanian payment platform FINCI to facilitate payments between Europe and Mexico.
Source: Bits
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