FOMO Pay , a digital payment and digital banking solutions provider, has partnered with Notabene aiming to strengthen its digital asset compliance. The implementation of Notabene's end-to-end solution for global Travel Rule compliance will enable FOMO Pay to further strengthen its know-your-transaction (KYT) capabilities.

Additionally, through comprehensive licensing and adherence to regulatory requirements, FOMO Pay has obtained ‘Super VASP’ status in Notabene's Virtual Asset Service Providers (VASP) network. This step provides the public with streamlined access to accurate and verified business information, aligning with FOMO Pay's efforts to foster trust in the digital payment and digital asset fields. In order to maintain comprehensive digital asset compliance capabilities in the evolving digital asset industry, FOMO Pay has adopted an approach of investing in compliance solutions to continue to ensure strict adherence to global regulations. The integration with Notabene equips FOMO Pay to automate Travel Rule compliance in line with global regulations, allowing secure and efficient digital asset transactions.

With this partnership, FOMO Pay aims to uphold industry standards in compliance by ensuring safer transactions for merchants, corporates, and financial institutions. About FOMO Pay Based in Singapore, FOMO Pay is a payment institution licensed by the Monetary Authority of Singapore to conduct cross-border and domestic money transfer services, digital payment token services, and merchant acquisition services. The company serves various clients such as banks, telecoms, wallets, remittance companies, payment networks, retail groups, and more.

In June 2023, FOMO Pay implemented Moody’s Analytics KYC and AML solution to monitor risk and facilitate compliance with its digital payments and digital banking services. According to the press release, the incorporation of this solution had considerably expedited the risk screening process, allowing for efficient client onboarding and enhanced due diligence, all while maintaining strict adherence to regulatory requirements. In July 2022, FOMO Pay partnered with US-based Ripple, an enterprise blockchain and crypto solutions provider. With this partnership, FOMO Pay would utilise Ripple’s crypto-enabled enterprise technology to improve its cross-border treasury flows.

By using On-Demand Liquidity (ODL) for treasury payments, FOMO Pay can get 24/7, all-year-round access to liquidity for EUR and USD, thereby allowing for same-day settlement globally. About Notabene Based in the US, Notabene aims to create a solution that would bring clarity to crypto compliance, building a solution based on a trusted data layer that integrates into blockchain transactions. Notabene's SafeTransact platform aims to help financial institutions and crypto businesses unlock their full potential in the digital economy.

With a focus on security, privacy, and end-user experience, Notabene customers use multi-source data and software to automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, and complete the smooth rollout of Travel Rule compliance, all in line with global and local regulations. In May 2023, Notabene launched SAFE implementation phases for the Travel Rule. The SAFE implementation phases put forward by Notabene come in the context of companies facing challenges when trying to become compliant.

The implementation, then, helps users meet regulatory guidelines and evolve their own risk-based approach and needs over time. .