Singapore-based institutional digital payment solution provider FOMO Pay is just about the latest fintech firm to integrate Ripple’s liquidity solution known as on-demand liquidity (ODL).
FOMO Pay would make use of the popular crypto enterprise technology to enhance its mix-border treasury settlements. Earlier, the firm used the standard payment system for mix-border settlement of EUR and USD trades, which required as much as 2 days. However, with ODL integration, the firm aims to attain an immediate settlement with really low transaction costs.
Louis Liu, Founder and Chief executive officer of FOMO Pay stated:
“We are excited to work with Ripple to leverage On-Demand Liquidity for treasury management, which enables us to attain affordable and instant settlement in EUR and USD globally.”
Ripple’s ODL service has acquired lots of recognition within the private banking and payment sector. The enterprise solution uses XRP as a bridge between two currencies, eliminating pre-funding of destination accounts and reducing operational costs. The tech has shown successful in Asia, where mix-border transactions are some of the greatest.
Ripple didn’t react to demands for comments from Cointelegraph during the time of publishing.
Ripple aims to create headway within the treasury settlement market that sees over $3.5 billion in annual expenditure to handle liquidity crises. With ODL, liquidity is definitely available by means of XRP.
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Japan’s SBI Remi integrated the ODL means to fix transfer money from Japan towards the Philippines this past year. Another major businesses that have integrated Ripple ODL services include Pyypl, Novatti, Tranglo, iRemit, FlashFX and Azimo.
Ripple’s payment technologies have been answer to its success regardless of the lengthy-running suit within the U.S within the unregistered purchase of XRP. Within the latest growth and development of the situation, the U.S. Registration (SEC) tried to block Ripple (XRP) holders from aiding in Ripple’s defense and stop attorney John E. Deaton from the further participation in proceedings.
The SEC claims #XRP is a burglar and anybody who sells it’s violating Section 5 from the Securities Act. The SEC claims @Ripple @bgarlinghouse & @chrislarsensf “enriched” themselves at the fee for investors which is seeking $1.3B in disgorgement from all of these defendants. https://t.co/9nJ1iNroth
— John E Deaton (208K Supporters Beware Imposters) (@JohnEDeaton1) This summer 18, 2022
The important thing executives of Ripple, including Chief executive officer Kaira Garlighouse, have maintained that they’re confident of the positive results of the suit. However, the blockchain firm has witnessed an excellent demand and adoption because of its crypto-based mix-border remittance and liquidity solution.
