Telecom supplier IDT and international payments service group “Mercury” have declared that they will drive Ripple’s xRapid for money transfers.
These 2 companies become the latest to sign onto the product, which uses the firm’s XRP token, following news that remittance main MoneyGram was testing it for internal processes. Ripple had formerly declared last October that Cuallix, a Mexican financial services company, was using XRP.
As it was indicated in statements, the goal is to improve the speed of payments to a point at which they are occurring in real time. In combination with that aim, the companies are looking to the tech as a way to reduce the overall cost of transacting.
Alfredo O’Hagan, SVP of IDT’s consumer payments business, said in a statement:
“We’re excited to pilot Ripple’s xRapid solution for on-demand liquidity. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.”
“Payment suppliers like IDT Corporation and MercuryFX are early movers because they realize what XRP can do for their business and client experience,” Ripple CEO Brad Garlinghouse said of the announcement. “We’re excited to have them at the forefront of the Internet of Value.”