Ripple announces partnership with Fomo Pay

Ripple, a blockchain-based digital payment network, has announced a partnership with Singapore-based payments platform FOMO Pay. With this integration, FOMO Pay will improve its cross-border treasury settlements using Ripple’s liquidity solution called On-Demand Liquidity (ODL), according to the press release published by Ripple.

🇸🇬We're partnering with FOMO Pay, the Singapore-based payments institution, to improve its cross-border treasury flows using #ODL!
This will allow FOMO Pay to achieve affordable and instant settlement in EUR and USD globally.
Learn more: https://t.co/NFOUvQZgNE
— Ripple (@Ripple) July 26, 2022

FOMO Pay will be utilizing Ripple’s technology for treasury management, which will enable it to have 24/7, all-year-round access to EUR and USD liquidity, thus ensuring worldwide same-day settlements. Before this partnership, FOMO Pay used to make cross-border settlements in EUR and USD through the traditional payment systems, which took up to two days.

Ripple’s ODL technology uses XPR, a digital asset acting as a bridge between two fiat currencies, eliminating the need to hold pre-funded capital in a destination market and reducing operational costs.