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Ripple Partners With Convera for Crypto-Enabled Cross-Border Business Payments

Ripple Partners With Convera for Crypto-Enabled Cross-Border Business Payments

According to the official statement, Ripple and Convera will use RLUSD for enterprise cross-border settlements while keeping fiat currency at both ends of the payment flow.

RLUSD

Summary

Ripple and Convera announced an official partnership to support enterprise cross-border payments using RLUSD. The companies said the service follows a model in which fiat currency is used at the beginning and end of a transaction, while stablecoins are used for settlement in between. According to the official statement, Convera’s payment infrastructure supports 140 currencies across about 200 countries, expanding the scale of the business-focused international payments offering.

Terms & Concepts
  • RLUSD: Ripple’s stablecoin, used in this partnership as the settlement asset within the payment flow.
  • Stablecoin: A cryptocurrency designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar.
  • Settlement: The process of finalizing a transaction so funds are officially transferred between parties.