Ripple today announced it has added two new payment partners with IDT Corporation and MercuryFX signing up to use the company’s xRapid solution to settle retail remittances and corporate transactions.

Both companies join MoneyGram and Cuallix, who also recently partnered with Ripple for using XRP in payment flow to enable on-demand liquidity for global payments.

IDT and MercuryFX both have unique customers and business models:

MercuryFX — a 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.

— a 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. IDT — a publicly traded telecommunications company, which facilitates online money transfers between individuals — the goal is to make sure their customers can send low-cost global payments.

“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,” said Brad Garlinghouse, CEO of Ripple. “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 says that 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). IoV is Ripple’s long-term vision for instantly moving money the same way information moves. With xRapid and XRP, financial institutions can eliminate the need for intermediaries or pre-funded Nostro accounts in destination currencies.