Ripple's cryptocurrency product, XRP, for cross-border transactions will go live with three financial institutions.
Ripple CEO Brad Garlinghouse said at the Swell by Ripple event on Monday that xRapid and XRP are now commercially available.
The first three payment providers using xRapid are MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union.
This announcement marks the first time that XRP will be used in a commercial application by financial firms.
A number of other firms have trialed xRapid before, including Western Union and MoneyGram. However, these firms are not putting xRapid into production at this time.
Ripple's press release from Swell can be read here.