A Singapore-based payment solution provider will use On-Demand Liquidity (ODL), a cross-border payment product powered by XRP.
According to a recent news release from Ripple, FOMO Pay will employ ODL to optimise its international treasury flows.
The 2015-founded fintech startup intends to leverage the cross-border payment product to get continual access to euro and dollar liquidity to promote same-day settlements.
Explains FOMO Pay founder and CEO Louis Liu
As a significant payment provider in Singapore, FOMO Pay offers convenient and cost-effective payment alternatives in numerous currencies. We are thrilled to collaborate with Ripple to use On-Demand Liquidity for treasury management, which enables us to accomplish worldwide settlements in EUR and USD that are both inexpensive and quick.”
While Ripple is embroiled in a lengthy dispute with the U.S. Securities and Exchange Commission (SEC), the FOMO Pay agreement represents the most recent in a string of worldwide commercial alliances.
In March, Ripple teamed with FINCI, a Lithuanian fintech company, to allow international money transactions using ODL.
The San Francisco-based startup announced in September 2017 that it was collaborating with Bhutan to build a central bank digital currency (CBDC). In November, it collaborated with the Republic of Palau to create a government-backed stablecoin and facilitate international money transactions.
Several businesses, including Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, and Pyypl, leverage ODL. XRP is currently trading at $0.336397 at the time of this writing. The seventh-ranked cryptocurrency by market capitalization has gained 0.11 percent during the previous day.