Singapore's FOMO Pay partners with Ripple to bolster cross-border payments

Singaporean payments firm FOMO Pay has tapped Ripple's so-called on-demand liquidity ("ODL") solution to improve its cross-border treasury management, according to a blog post released Monday.ODL leverages Ripple's XRP (XRP-USD) token, which was designed for payments as a bridge between two fiat currencies like the U.S. dollar or the euro.Upon integration of ODL, FOMO Pay will be able to achieve same-day settlement globally. That's a step up from when the firm's treasury managers had to use the traditional payment system for cross-border payments of the euro and the greenback where funds would take up to two days to reach destination accounts, Ripple said.Overall, Ripple's ODL "allows us to achieve affordable and instant settlement in EUR and USD globally,” said FOMO Pay CEO and Founder Louis Liu.FOMO Pay is joining a growing list of companies who are utilizing ODL to strengthen their treasury management, including Azimo, Novatti, FlashFX and iRemit, the blog read.Last year, Ripple planned to launch a liquidity hub to allow access to six cryptos.