The company Ripple partners with FOMO Pay.
Ripple announced on Twitter that it has partnered with FOMO Pay:
We’re partnering with Singapore-based FOMO Pay to improve their cross-border treasury flows using #ODL. Brooks Entwistle, SVP and Managing Director, notes: «We recognize that we’re operating in a great ecosystem of innovators in the region»
It was also noted on the official website:
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This outdated infrastructure has also driven corporations around the world to spend an estimated $3.5B annually to address issues associated with liquidity.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.