FOMO Pay will partner with Ripple, the San Francisco-based blockchain payments company, to utilize its XRP-based tool that enables instant low cost settlement without the need to hold pre-funded capital in a destination market, the Singapore based company said.
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Fast facts
- FOMO Pay will leverage Ripple’s On-Demand Liquidity (ODL) to achieve instant and low-cost cross-border settlements for EUR and USD transactions, a press release said. This will provide it 24/7 access to liquidity for the currencies, thereby enabling same-day settlement worldwide.
- Ripple’s On-Demand Liquidity (ODL) uses XRP, the digital asset native to the XRP Ledger, as a bridge between the two fiat currencies, to enable instant and low-cost settlement, without the need for pre-funded capital in the destination market.
- Ripple’s ODL services are being used by companies around the world, including SBI Remit, Tranglo, and Pyypl.
- ODL helps payment service providers like FOMO pay to improve internal treasury flow, hence reducing business costs and streamlining operations, the press release said.
- Prior to incorporating ODL, FOMO Pay’s treasury solutions would require one to two days for EUR and USD funds to reach the destination accounts, the release added.
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