Ripple partners with former Western Union unit to ‘enhance’ cross-border payments
Ripple and Convera are partnering to improve global payments using stablecoins and blockchain technology.Summary
Ripple Labs and Convera, formerly Western Union Business Solutions, have announced a partnership to enhance global payments through stablecoin and blockchain infrastructure. Convera handles over 140 currencies in approximately 200 countries and was acquired in 2021 for $910 million. The collaboration will utilize a “stablecoin sandwich” model, beginning and ending transactions in fiat currency while leveraging stablecoins for the intermediary steps. According to Ripple SVP of Product Aaron Slettehaugh, this approach caters to enterprises seeking faster, more flexible global money movement without directly managing digital assets. This partnership is part of Ripple’s broader strategy to expand its global network, including its recent participation in Singapore’s BLOOM initiative to pilot programmable cross-border trade settlements using the XRP Ledger and its RLUSD stablecoin.
(Source：The Block)