The operator of telecommunications services IDT and Mercury international payments service reported that they will pilot the xRapid money transfer system developed by Ripple and using the XRP cryptocurrency. This is reported by CoinDesk.
Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience. We're excited to have them at the forefront of the Internet of Value.
Earlier, the beginning of testing the system was reported by a large money transfer operator MoneyGram, which will use xRapid for internal processes. In addition, last October it became known that xRapid is already used by the Mexican financial company Cuallix.
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.
SVP, IDT’s consumer payments business
The application says that the purpose of using xRapid is to increase the speed of payments, up to processing in real time. Companies also view this technology as a way to reduce the overall cost of transactions.