Ripple has forged a collaboration with Singapore-based major payments institution FOMO Pay, to boost cross-border treasury flows using XRP powered On-Demand Liquidity [ODL] initiative and achieve affordable and instant settlement in EUR and USD globally.
The partnership will enable FOMO Pay to get 24/7 access to liquidity for EUR and USD, and makes it easy for the payment service provider to ramp up internal business cash flows, thus allowing them to reduce business costs and improve operations.
Liquidity on demand, or ODL, is essentially the process of buying and selling XRP cryptocurrency in originating and destination countries to create a liquid supply of liquidity.
RippleNet’s On-Demand Liquidity [ODL] service, leverages XRP as the digital asset to link two currencies, and facilitate cross-border payments at a low cost.
The blockchain firm also claimed that XRP-driven ODL eliminates the need for costly pre-funded destination accounts.
Besides Ripple Labs’ products for payment settlement, asset exchange, and remittance systems, it also provides services for international money transfers and security transfers through a network of banks and financial institutions.
Ripple’s ODL Is Touted To Solve Payment Bottlenecks
Speaking on the new launch, Brooks Entwistle, SVP and Managing Director at Ripple stated,
With the Asia Pacific region teeming with opportunities to solve existing silos and inefficiencies with payments, we’re seeing many forward-looking financial institutions clamoring for the next evolution of payment infrastructures – and notably based on crypto and blockchain technologies. This is why we are so excited to launch this crypto-enabled treasury management use case for ODL with innovative customers like FOMO Pay.
With the latest addition, FOMO Pay has joined other PSPs like Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, and Pyyplin in integrating ODL services for their business and customers. The string of partnerships does not end here.
Just a day back, Ripple joined hands with the largest financial institution in the Middle East and Africa-Qatar National Bank [QNB] along with China Bank to deploy remittance services, TronWeekly reported.
Through RippleNet, the service will let users immediately transmit payments up to PHP 50,000 to any bank in the Philippines. It primarily serves Filipinos living in Qatar.