FOMO Pay, a Singapore-based payment institution, has announced a strategic partnership with BNY, a global financial services company, to enhance its cross-border payment and collection capabilities. This collaboration will see FOMO Pay utilising BNY’s Virtual Reference Number solution, enabling corporate clients to conduct payments directly within the US domestic banking system. By leveraging BNY’s infrastructure, FOMO Pay aims to provide advanced corporate treasury solutions, offering a significant operational advantage over traditional cross-border USD transfers, which typically take two to three days to settle.
The integration with BNY allows eligible USD payments into the US to be settled on the same day, subject to network availability and cutoff times. Clients will also benefit from the ability to receive and make payments in their own name through the Collections-on-Behalf-Of (COBO) and Payments-on-Behalf-Of (POBO) services, enhancing transparency and operational control. Louis Liu, CEO of FOMO Pay, stated, “By offering virtual accounts with access to domestic clearing rails, we are enabling our clients to operate within the US banking system with greater control and confidence.”
Fabian Khoshbakht, Head of Asia Pacific Global Payments and Trade at BNY, highlighted the importance of robust infrastructure for maintaining a competitive edge in the rapidly evolving payment landscape. The partnership aims to empower clients with greater flexibility and control over global cash positions, supporting sophisticated treasury structures and long-term cross-border growth.
Founded in 2015, FOMO Pay is a licensed payment institution in Singapore, Hong Kong, and the United Arab Emirates, offering digital payment, banking, and asset solutions. BNY, with over 240 years of experience, serves a vast array of global clients, including 90% of Fortune 100 companies.
