Ripple has announced two new partners; Telecom provider IDT Corporation and international payments service group MercuryFX . They will now use xRapid to settle retail remittances and corporate transactions quickly.

The two join a growing list of companies using xRapid, which uses the XRP token. Other companies include: MoneyGram which is testing it for internal processes and Cuallix, a Mexican financial services firm.

According to company statements, there are two main reasons for implementation. Increasing the speed of payments so they are occurring in real time and dropping the overall cost of transacting.

In a statement the SVP of IDT’s consumer payments business, Alfredo O’Hagan said:

“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.”

In the official statement the CEO of Ripple, Brad Garlinghouse said:

“Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience,”

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