AC-DC converters for industrial applications have been relying on double-stage architecture for quite a long time. A non-isolated, single- or three-phase, single- or multi-level stage typically feeds an isolated DC-DC stage, with capacitors between the two stages providing the necessary energy storage. On the other end, renewed interest in DC power systems drive new developments in the field of fixed-ratio bus converters, with very high performance to cost ratios. This paper proposes a new AC-DC system architecture based on fixed-ratio bus converters. System functions are described and analyzed for the classic as well as the proposed approach; benefits, trade-offs and design methodology for the novel architecture are also discussed.