Ripple, the firm behind the cryptocurrency XRP, just added 2 financial services firms to its roster of clients
Smart Planet
One of Ripple's flagship products appears to be picking up some steam.
The financial technology company, best known for its native digital currency XRP, on Wednesday announced that two payment companies — IDT Corporation and Mercury FX — would begin using its xRapid product to settle certain transactions.
Asheesh Birla, the vice president of product for Ripple, told Business Insider earlier this year that the firm was speeding up plans for xRapid, an XRP-powered product that seeks to enhance cross-border payments for emerging markets. The product caught the attention of the media earlier this month after it was announced that MoneyGram, one of the largest money-transfer companies in the world, would begin testing it.
The New Jersey-based IDT Corporation, which already uses digital assets to facilitate some transactions, will use xRapid to enhance such operations, according to senior vice president Alfredo O'Hagan.
"We're excited to pilot Ripple's xRapid solution for on-demand liquidity," O'Hagan said in a statement. "We expect that xRapid will enable us to settle more transactions in real time and at a lower cost."
Alastair Constance, the CEO and founder of Mercury FX, said in a statement that cutting settlement times could shave billion of dollars "in unnecessary intermediary fees."
A representative for Ripple declined to say whether IDT Corporation or Mercury FX would pay Ripple to use xRapid.
"We don't disclose terms of our deals with customers," the person told Business Insider via email.