IDT and MercuryFX to use Ripple's XRP in remittance play

While big banks continue to shy away from the use of XRP as a form of reserve currency in funds transfers, Ripple appears to have found a sweet spot for the adoption of xRapid in the $569 billion remittance market.

IDT and MercuryFX join MoneyGram and Cuallix, who have also committed to use XRP in their payment flows.

Alastair Constance, CEO and founder of Mercury FX, says: “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.