Despite the current legal dispute in the US, Ripple has seen continuous remittance technology adoption from private organizations.
FOMO Pay, a Singapore-based supplier of institutional digital payment solutions, is the most recent fintech company to include on-demand liquidity (ODL), Ripple liquidity solution.
In order to enhance its cross-border treasury settlements, FOMO Pay would leverage the well-known crypto business technology. Prior to this, the company settled cross-border deals in EUR and USD through the conventional payment method, which may take up to two days. The company wants to create a quick settlement with very minimal transaction costs, but with ODL integration.
FOMO Pay’s founder and CEO, Louis Liu, stated:
“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.”
The private banking and payment sectors have seen significant growth in the use of Ripple’s ODL service. The enterprise solution eliminates pre-funding of destination accounts and lowers operating expenses by using XRP as a bridge between two currencies. In Asia, where cross-border transactions are among the greatest, the technology has achieved considerable success.
The treasury settlement market, where over $3.5 billion is spent annually to address liquidity issues, is where Ripple hopes to gain traction. Liquidity in the form of XRP is always accessible with ODL.
Last year, the ODL system was integrated by Japan’s SBI Remi to facilitate money transfers from Japan to the Philippines. Pyypl, Novatti, Tranglo, iRemit, FlashFX, and Azimo are a few additional significant companies that have incorporated Ripple ODL services.
Despite the ongoing lawsuit in the US about the unauthorized selling of XRP, Ripple’s payment system has been crucial to its success. In the most recent development of the lawsuit, the U.S. Securities and Exchange Commission (SEC) made an effort to prevent holders of Ripple (XRP) from supporting Ripple’s defense and forbid lawyer John E. Deaton from participating in any further proceedings.
Key Ripple officials, including CEO Brad Garlighouse, have insisted that they are optimistic about the case’s result. The blockchain company’s cross-border remittance and liquidity solution, however, has experienced strong demand and acceptance.
