FOMO Pay has partnered with Ripple to improve their cross-border treasury flows using Ripple’s On-Demand Liquidity solution (ODL). The Singapore-based payments institution works with merchants and banks around the world to enable cashless payment processing at every point of sale.
Treasury management via traditional payment rails has left global companies and financial institutions with the burden of prefunding accounts and trapping capital, hindering business growth as a result.
This outdated infrastructure has also driven corporations around the world to spend an estimated $3.5B annually to address issues associated with liquidity.
By using Ripple’s cross-border payments solution, FOMO Pay is able to free up working capital and accelerate business cash flows, enabling lower cost, faster and more reliable global settlement in EUR and USD. Prior to partnering with Ripple, FOMO Pay treasury managers had to wait 1-2 days for their funds to reach destination accounts.
Brooks Entwistle, SVP and Managing Director at Ripple, recently spoke on a panel at Singapore Blockchain Week, highlighting trends across the Asia-Pacific region.
“We recognize that we’re operating in a great ecosystem of innovators in the region. Today, we announced our partnership with FOMO Pay and their use of our ODL solution for treasury management,” said Brooks. “It’s important that we separate the signal from the noise and focus on high impact, real use cases [in crypto]—the macro headwind will take care of itself.”
As the first enterprise company to leverage crypto for cross-border payments, streamlining treasury flows was a clear next step in our mission to enable money to move across borders as seamlessly as information moves today.
Find out how your company can harness the power of Ripple’s cross-border payments solution to accelerate your business performance and scale internationally.