FOMO Pay Taps BNY to Deliver Institutional-Grade Business Account Solution for Cross-Border Payments

FOMO Pay, a leading Singapore-headquartered payment institution, today announced a strategic collaboration with BNY (NYSE: BK), a global financial services company, to enhance its cross-border payment and collection capabilities. Through this joint effort, FOMO Pay will utilise BNY’s Virtual Reference Number solution to enable its corporate clients to collect and send payments directly within the U.S. domestic banking system.

BNY brings deep expertise in clearing, custody, payments and cash management, supporting multinational corporations, financial institutions, and high-volume clients worldwide. By leveraging BNY’s U.S. domestic infrastructure and expertise, FOMO Pay expands its banking capabilities and equips clients with advanced corporate treasury solutions in the U.S. market.

This integration delivers a significant operational advantage over traditional cross-border USD transfers, which are routed through correspondent banking networks and SWIFT and can take T+2 to T+3 days to settle. With BNY’s local clearing rails in the U.S., eligible USD payments into the United States can be settled same-day (T+0), subject to network availability and cut-off times. The integration also allows clients to receive and make payments in their own name through Collections-on-Behalf-Of (COBO) and Payments-on-Behalf-Of (POBO), providing enhanced transparency, faster reconciliation, and stronger operational control.

“BNY is a trusted global leader in clearing, payments and cash management, and we are pleased to work with them to bring these institutional-grade capabilities to our platform,” said Louis Liu, Founder and CEO of FOMO Pay. “By offering virtual accounts with access to domestic clearing rails, we are enabling our clients to operate within the U.S. banking system with greater control and confidence. This collaboration expands our infrastructure and global reach, allowing us to support clients with increasingly sophisticated payment and collection needs.”

“As global businesses accelerate their shift toward instant payments and digital innovation, robust infrastructure has become essential to maintaining a competitive edge,” said Fabian Khoshbakht, Head of Asia Pacific, Global Payments and Trade, BNY. “BNY is committed to delivering efficient settlement for our partners, seamlessly bridging international payment requirements through our global network and top-tier clearing and custody capabilities.”

Through its collaboration with BNY, FOMO Pay empowers clients to manage global cash positions with greater flexibility and control. The partnership delivers a scalable solution that addresses the evolving needs of corporate treasury and finance teams, supporting sophisticated treasury structures and long-term cross-border growth.