Ripple helps FOMO Pay with ODL for crypto-powered treasury management

Tuesday 26 July 2022 11:59 CET | News

US-based Ripple, enterprise blockchain and crypto solutions provider, has announced a partnership with Singapore-based payments institution FOMO Pay.

FOMO Pay will use Ripple’s crypto-enabled enterprise technology to improve its cross-border treasury flows. On-Demand Liquidity (ODL) uses XRP, the digital asset built for payments as a bridge between two fiat currencies. 

Historically, ODL has been primarily used for cross-border payments to help payment services providers (PSPs) and small-to-medium enterprises (SMEs) manage trapped capital that could be better deployed to help grow and scale their businesses. 

By using ODL for treasury payments, FOMO Pay can get 24/7, all year round access to liquidity for EUR and USD, thereby allowing for same-day settlement globally. Prior to using ODL, FOMO Pay’s treasury managers had to use other modes of payment in EUR and USD where funds would take 1-2 days to reach destination accounts.

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Keywords: partnership, payment methods, PSP, crypto
Categories: DeFi & Crypto & Web3
Companies: FOMO Pay, Ripple
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3




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