In a press release today, Ripple reveals that it has formed a partnership with Singapore payment giant FOMO pay to enable instant cross-border treasury payments leveraging on Ripples On-Demand Liquidity (ODL).
πΈπ¬We're partnering with FOMO Pay, the Singapore-based payments institution, to improve its cross-border treasury flows using #ODL!
— Ripple (@Ripple) July 26, 2022
This will allow FOMO Pay to achieve affordable and instant settlement in EUR and USD globally.
Learn more: https://t.co/NFOUvQZgNE
Louis Liu, Founder & CEO of FOMO Pay said:
As one of the leading payment institutions in Singapore, FOMO Pay aims to provide clients with more efficient and cost-effective payment modes in different currencies. 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.
Notably, the latest partnership would allow FOMO pay to make instant cross-border treasury settlements at a significantly lower cost improving the companyβs liquidity. According to the press release:
By leveraging ODL for treasury payments, FOMO Pay is able to get 24/7, all-year-round access to liquidity for EUR and USD, thereby enabling same-day settlement globally.
FOMO joins the likes of Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, and Pyypl that have adopted ODL using XRP as a bridge for instant settlements.
It is worth noting that Ripple continues to make big strides globally despite legal woes in the US. As Ripple chief Brad Garlinghouse noted recently, Ripple is still growing rapidly as the world continues to adopt it despite the verdict of the US SEC, whose authority is limited to the US.
As previously reported by The Crypto Basic, Rippleβs XRP has recently been adopted as a payment method on CryptoBar, a Tokyo-based cryptocurrency social media platform. Additionally, minting and listing NFTs on the XRP Ledger have grown significantly recently.
Consequently, the XRP network has boasted impressive metrics in recent weeks. As reported on Saturday by The Crypto Basic, the XRP network shows a high level of activity that has not been seen since the SEC filed a lawsuit against Ripple alleging that XRP is unregistered security.
At the time of writing, XRP is trading at the $0.3359 price point. It is down 2.61% in the last 24 hours and 5.51% in the last seven days.
