Telecom provider IDT and international payments service group Mercury have become the latest firms to pilot crypto Ripple (XRP) for money transfers.
Earlier this month, Ripple announced that it was partnering with money transfer name MoneyGram to pilot XRP in its payment flows.
The firms hope XRP can help them increase the speed of transactions and reduce costs.
“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,” commented Alfredo O’Hagan, senior vice president at IDT.
Ripple claims that XRP is the most efficient cryptocurrency for payments, with transaction fees “at just fractions of a penny”, compared to Bitcoin fees of about $30 per transaction.
It also claims the average transaction time for XRP is two to three seconds while other cytpos range from 15 minutes to an hour.
“The inefficiencies of global payments don’t just affect banks, they also affect institutions. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information,” said Brad Garlinghouse, chief executive 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,” added Garlinghouse.
Ripple was one of the best performing cryptos of 2017, boosted by deals with big financial names such as American Express who want to link up with Ripple´s network to enable blockchain transactions.
XRP rose to a peak of $3.38 in early January, but has since plunged by around 60%, hit by the wider sell-off in cryptos this month.
In Thursday´s trading session, XRP was down by about 3% as at 1200 GMT, trading at $1.30.