Convera, the commercial payments firm formerly known as Western Union Business Solutions, has partnered with Ripple to integrate blockchain technology into its global payment network, covering 140 currencies across 200 countries. 

The "Stablecoin Sandwich" Model 

To streamline cross-border transfers, the companies are using a settlement method called the "stablecoin sandwich." This model, Convera says, offers the speed of blockchain without requiring businesses to handle digital assets directly while stablecoins, including Ripple’s RLUSD (CRYPTO: $RLUSD) will serve as the intermediary settlement layer. 

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Strategic Impact 

Convera CEO, Patrick Gauthier, views the move as a necessary evolution to meet the growing corporate demand for digital currency solutions. By partnering with Ripple, Convera can offer more reliable payments, particularly in regions where traditional banking infrastructure is slow or limited. 

This partnership follows Ripple’s recent expansion into institutional finance. Last week, Ripple took part in the Singapore central bank’s BLOOM initiative to test programmable cross-border trade settlements using the XRP Ledger along with RLUSD stablecoins. 

Key Benefits for Enterprises

According to Ripple Senior VP Aaron Slettehaugh, the goal is to provide businesses with more control over their global value movement while removing the technical barriers of blockchain.  

“By partnering with Convera, we’re combining a trusted global payment infrastructure with stablecoin-powered settlement to give businesses more control over how and when they move value across borders.”