This collaboration will make cross-border payments faster and more reliable, especially in corridors where traditional options are limited, the companies said in a Tuesday (March 31) press release.
It will leverage Convera’s global network, foreign exchange (FX) expertise and customer experience, and Ripple’s liquidity, settlement and digital asset capabilities, according to the release.
The companies’ solution will see payments begin and end in fiat, with regulated stablecoins used in between for settlement, the release said.
Convera will orchestrate the payment experience, while Ripple will provide the underlying infrastructure for liquidity, on/off-ramping and cross-border settlement, per the release.
“Ripple is a clear leader in the crypto space and a natural fit for Convera,” Patrick Gauthier, CEO of Convera, said in the release. “We look forward to continued success and growth as we roll out these capabilities to customers near and far.”
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Aaron Slettehaugh, senior vice president of product at Ripple, said this solution offers enterprises a faster, more flexible way to move money globally without having to take on the complexity of dealing with digital assets themselves.
“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,” Slettehaugh said.
The PYMNTS Intelligence report “Waiting for Certainty: Why Most CFOs Are Holding Back on Crypto and Stablecoins” found that most chief financial officers treat stablecoins not as a store of value but as a faster, more efficient payment rail.
This is demonstrated by the fact that 88% of firms that receive stablecoins convert them into U.S. dollars immediately, the report said.
The companies most likely to experiment with stablecoin rails are those with high exposure to cross-border payments, supplier networks in emerging markets or real-time payout needs, according to the report.
Ripple said March 3 that it now allows customers to collect, hold, exchange and payout in both fiat and stablecoins.
At Convera, modernization is a constant focus as the company brings legacy systems into a more dynamic, code-based architecture, Gauthier told PYMNTS in an interview posted in November.
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