Ripple has integrated its on-demand liquidity (ODL) service into Singapore fintech FOMO Pay’s treasury management systems.
The digital payment solution provider has implemented Ripple’s technology to enhance its cross-border treasury settlements, moving away from traditional payment routes, which tend to take up to two days to process.
With ODL, FOMO Pay will be enabled to send instant settlement payments with low transaction costs, speeding up the process for added functionality and the ability to transact more payments in a day.
Ripple’s ODL service has garnered the attention of the private banking and payment sectors as it is able to close the gap between currencies, allowing to eliminate pre-funding of destination accounts which in turn, reduces operational costs.
“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,” stated Louis Liu, CEO and Founder of FOMO Pay.
Ripple has seen its services adopted frequently by firms such as FOMO Pay, SBI Remi, Pyypl, and others, despite the ongoing court case with the SEC.
The ‘SEC v. Ripple Labs Inc’ case is ongoing after the SEC identified Ripple’s XRP cryptocurrency to be trading under unregistered securities. The court case has prolonged as Ripple has made a complaint to the US District over the SEC’s actions to conceal the identities of expert witnesses behind the case.
One of the latest developments from the case is the SEC’s attempt to prevent XRP holders from coming to the aid of Ripple’s defence.