Singapore-based payment institution FOMO Pay has partnered with Bottomline to improve the former’s compliance and cash management capabilities. By integrating Bottomline's solution into its operations, FOMO Pay aims to enhance payment workflows, treasury management, and regulatory compliance.

According to the official press release, this collaboration underscores FOMO Pay's ongoing efforts to streamline financial processes and reinforce compliance measures through advanced technologies. In essence, the implementation of Bottomline's solution by FOMO Pay aims to automate processes thus improving cash and liquidity management efficiency while ensuring compliance with regulatory standards. By leveraging new technologies, FOMO Pay aims to minimise manual efforts, centralise account insights, and optimise its financial processes for better efficiency and compliance.

Representatives from FOMO Pay talked about the importance of partnering with a company offering comprehensive treasury, cash management, and compliance solutions. They also revealed that this strategic move has resulted in improvements in payment processing, cash management, and service delivery to clients, eliminating manual tasks and streamlining financial operations. The adoption of Bottomline's Cash Management solution has provided FOMO Pay with real-time visibility and insights into its financial accounts, facilitating more informed liquidity decisions.

Additionally, the integration of SWIFT connectivity enables better communication with local banks, with plans for expansion to other regional and international banks in the future. Furthermore, the implementation of Bottomline's solutions has enabled FOMO Pay to enhance risk management and compliance measures. Automated reconciliation processes and robust reporting tools offer more confidence in cash positions and enable proactive risk management by flagging discrepancies for further investigation.

Bottomline's solution also improves payment transparency among different financial institutions, strengthening capabilities in combating financial crimes and ensuring compliance with evolving global regulations. This integrated approach has the potential to minimise risk while improving operational efficiency, allowing FOMO Pay to focus on strategic areas of cash and liquidity management. Other developments from FOMO Pay In February 2024, FOMO Pay partnered with Klasha, which is a global cross-border payment company.

Through this collaboration, the two entities aimed to help businesses in Africa and Asia thrive in an increasingly interconnected global economy by providing cross-border payment solutions. In addition, the joint effort paved the path for new avenues for both continents, facilitating market expansion and easing entry into new territories. Commenting on the partnership, both Klasha and FOMO Pay expressed their enthusiasm about collaborating for a common purpose.

Moreover, Klasha representatives specified that with combined efforts, they will continue to help merchants in Asia collect payments from the continent more easily. .