Singapore-based institutional digital payment solution provider FOMO Pay has become the latest fintech firm to integrate Ripple’s liquidity solution is called on-demand liquidity (ODL).

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FOMO Pay will use popular cryptographic enterprise technology to improve its cross-border treasury settlements. Previously, the firm used a traditional payment system for cross-border settlement of transactions in euros and US dollars, which took up to two days. However, with ODL integration, the firm aims to achieve instant settlement with very low transaction costs.

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Louis Liu, founder and CEO of FOMO Pay, said:

“We are excited to partner with Ripple to leverage on-demand liquidity to manage treasury, enabling us to provide affordable and instant settlement in EUR and USD worldwide.”

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Ripple’s ODL service has gained a lot of popularity in the private banking and payments sectors. The enterprise solution uses XRP as a bridge between the two currencies, eliminating the pre-funding of escrow accounts and lowering operating costs. The technology has proven to be very successful in Asia, where cross-border transactions are among the highest.

Ripple did not respond to requests for comment from Cryptooshala at the time of publication.

Ripple is looking to advance in the treasury settlement market, which spends more than $3.5 billion annually to manage liquidity crises. With ODL, liquidity is always available in the form of XRP.

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Last year, Japan’s SBI Remi integrated an ODL solution to transfer money from Japan to the Philippines. Some other big firms that have integrated Ripple ODL services include Pyypl, Novatti, Tranglo, iRemit, FlashFX, and Azimo.

Ripple’s payment technology has been key to its success despite a lengthy US lawsuit over the unregistered sale of XRP. In the latest development in the case, the US Securities and Exchange Commission (SEC) attempted to block Ripple (XRP) holders from helping to defend Ripple and bar attorney John E. Deaton from any further involvement in the proceedings.

Key Ripple executives, including CEO Brad Garlighouse, have said they are confident in the positive outcome of the lawsuit. However, the blockchain company is seeing a lot of demand and acceptance for its cryptocurrency-based cross-border money transfer and liquidity solution.