Ripple Teams Up with Convera for Cross-Border Payments
Ripple has announced a partnership with Convera, a company that handles transactions in over 140 currencies and operates across roughly 200 countries and territories. The two companies will use stablecoin and blockchain technology to improve cross-border payments.
The 'stablecoin sandwich' model, developed by Ripple, starts and finishes in fiat currency but uses stablecoins for the transfer in between. This approach gives enterprises faster settlement without requiring them to hold or manage digital assets directly.
Aaron Slettehaugh, Ripple's senior vice president of product, said that enterprises want speed and flexibility when moving money globally. He added that most businesses do not want to take on the complexity of managing digital assets themselves.