FOMO Pay taps Ripple's liquidity solution for treasury management
Ripple has continued to see adoption for its remittance technology from private institutions despite the ongoing lawsuit in the U.S. Singapore-based institutional digital payment solution provider FOMO Pay has become the latest fintech firm to integrate Ripple’s liquidity solution called on-demand liquidity (ODL). FOMO Pay would use the popular crypto enterprise technology to improve its cross-border treasury settlements. Earlier, the firm used the traditional payment system for cross-border settlement of EUR and USD trades, which took up to two days. However, with ODL integration, the firm aims to achieve an instant settlement with very low transaction costs. 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 en...