Convera, the Seattle-based global commercial payments firm, has teamed up with Ripple, a leader in blockchain technology, to add stablecoin-based settlement to its cross-border payment services for businesses.
This partnership, announced on Tuesday, brings together Convera’s global payments network and foreign exchange expertise with Ripple’s blockchain and digital asset technology.
The announcement targets a common issue in global payments. Usually, sending money across borders involves multiple banks, multiple currencies, and local rules. That’s why payments can take longer and cost more.
Convera said the deal with the XRP-issuer is meant to make this process faster and more efficient, especially in markets where traditional payment routes do not work well.
How does the partnership work
The companies said the service works through a model known as a “stablecoin sandwich”. In practice, a payment starts in normal currency, moves through a regulated stablecoin for faster settlement, and then turns back into local currency at the final stage.
This allows businesses to use blockchain-based payments without handling digital assets themselves. Convera manages the customer payment flow, while Ripple supports the value transfer behind the scenes.
Patrick Gauthier, Convera’s Chief Executive Officer, said the company took a measured approach because interest in crypto and stablecoins continues to grow. He said Convera listened closely to customer demand and waited for the market to mature before moving forward.
“Ripple is a clear leader in the crypto space and a natural fit for Convera. We look forward to continued success and growth as we roll out these capabilities to customers near and far,” he added.
Ripple also said the partnership aims to make cross-border payments easier for businesses. Aaron Slettehaugh, Ripple’s Senior Vice President of Product, said many companies want faster and more flexible ways to move money internationally, but they do not want the added complexity of handling 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,” he stated.
Convera provides access to more than 140 currencies in over 200 countries and territories. When paired with Ripple’s settlement technology, this could make cross-border payments smoother and faster.
Ripple expands stablecoin reach with banks and payments networks
Ripple’s deal with Convera comes as banks, card networks, and digital asset companies all push further into stablecoin infrastructure.
Ripple recently began piloting its RLUSD stablecoin in Singapore’s Monetary Authority-backed BLOOM initiative for trade finance settlement.
Mastercard also added Ripple to its Crypto Partner Program in March to expand its network for crypto, payments, and blockchain infrastructure participants.
Earlier in January, Jeel, the innovation arm linked to Riyad Bank, partnered with Ripple to explore blockchain applications in financial services in Saudi Arabia.
Despite recent developments, Ripple’s native token, XRP, is feeling pressure in the market. When writing, it was currently trading at $1.31, down 2.19 percent in the last 24 hours, according to the data from CoinMarketCap.
Over the past month, XRP has slipped 4.32 percent and is still 65.76 percent below its all-time high (ATH).
Analyst Ali Martinez noted that the Ripple’s native token is forming an ascending triangle on the monthly chart.
This pattern shows that buyer support is growing at a key resistance level. He identified $3.32 as the main breakout level and a potential target for short-term gains.