FOMO Pay Will Use Ripple’s Liquidity Solution For Treasury

July 27, 2022 2:40 pm

FOMO Pay is a Singaporean institutional digital payment solution provider that uses crypto enterprise technology in order to do cross-border treasury settlements.

The major private institution just announced it would be using Ripple’s On Demand Liquidity solution (ODL) in order to instant settlement with very little transaction costs.

This is considered a huge upgrade for the firm as the traditional payment system would take up to two days using fiat currencies like the USD and the Euro.

With Ripple’s technology now making this instant, it seems that this has greatly expanded Ripple’s adoption at such financial institutions and will likely make Ripple the new standard in the future.

CoinTelegraph reports:

Louis Liu, founder and CEO of FOMO Pay said:

“We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us to achieve affordable and instant settlement in EUR and USD globally.”

Ripple’s ODL service has gained a lot of popularity in the private banking and payment sector.

The enterprise solution uses Ripple (XRP) as a bridge between two currencies, eliminating pre-funding of destination accounts and reducing operational costs.

The tech has proven a great success in Asia, where cross-border transactions are among the highest.

Ripple didn’t respond to requests for comments from Cointelegraph at the time of publishing.

Ripple also sees this as a huge market opportunity due to the fact that the treasury settlement market sees over $3.5 billion in annual expenditure in order to manage liquidity crisis.

However, Ripple’s ODL will solve this problem as liquidity will always be available now in the form of XRP which is something that does not exist in today’s market.

The Singaporean firm is not the first to utilize Ripple’s On-Demand Liquidity Service as there have been other firms in the past who have already started taking advantage of it.

For example, Japan’s SBI Remi had also integrated the ODL solution in order to allow for transfers between Japan and the Philippines.

CoinTelegraph concludes:

Japan’s SBI Remi integrated the ODL solution to transfer money from Japan to the Philippines last year. Some other major firms that have integrated Ripple ODL services include Pyypl, Novatti, Tranglo, iRemit, FlashFX and Azimo.

Ripple’s payment technology has been key to its success despite the long-running lawsuit in the U.S over the unregistered sale of XRP.

In the latest development of the case, the U.S. Securities and Exchange Commission (SEC) attempted to block XRP holders from aiding in Ripple’s defense and prohibit attorney John E. Deaton from any further participation in proceedings.

The key executives of Ripple, including CEO Brad Garlighouse, have maintained that they are confident of a positive outcome of the lawsuit. However, the blockchain firm has seen a great demand and adoption for its crypto-based cross-border remittance and liquidity solution.

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