The two companies will use xRapid to settle retail remittances and corporate transactions. Both companies join MoneyGram and Cuallix, who will use XRP in their payment flows, to enable on-demand liquidity for global payments.
MercuryFX, a global currency exchange provider, focuses on challenging the status quo in retail remittance payments. Similar to Ripple’s goal of reducing friction in global payments, MercuryFX wants to help payments move in real time, providing a transparent customer experience. IDT, a publicly traded telecommunications company, facilitates online money transfers between individuals and aims to make sure their customers can send low-cost global payments.
The growing institutional adoption of XRP, through the on-demand liquidity solution, xRapid, shows that real progress is being made towards building the Internet of Value (IoV), according to the company’s official press release. IoV is Ripple’s long-term vision for moving money the same way information moves today — instantly.
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