Earlier this week, fintech firm Ripple announced Mercury FX and IDT will now use xRapid to settle retail remittances and corporate transactions quickly. Both companies reportedly join MoneyGram and Cuallix, who will use XRP in their payment flows, to enable on-demand liquidity for global payments. The company revealed:
“IDT and MercuryFX both have unique customers and business models. However, they share a common goal of continuously improving their customer experience. For MercuryFX — a leading global currency exchange provider — their focus is 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 more efficient and transparent customer experience.”
Alastair Constance, CEO and founder of Mercury FX, stated:
“Ripple, XRP and fiat currency fit hand in glove. What we’re doing together is realizing one of the best use cases for frictionless transactions, which is international settlement. xRapid allows us to drive down the cost of currency exchange and global settlement, making our customers more competitive and saving them tens of millions of dollars each year. Digital assets promise fast transaction speeds but XRP is far faster than all of them, including bitcoin. Cutting settlement times from hours and days to just three seconds or less will remove billions of dollars in unnecessary intermediary fees.”
Brad Garlinghouse, CEO of Ripple, also commented:
“It’s no secret that XRP is faster and more efficient than bitcoin or any other digital asset. It settles in three seconds and at fractions of a penny. 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.”
Ripple added the payment providers will be able to send real-time payments at a low cost while giving customers visibility into the status of their payments.