The payment network Ripple, based on blockchain, recently added a position on its official website for a “Director of Product Management, Loans”.
The description shows that Ripple is working on a new loan product to help its customers with working capital loans.
Working capital loans These are loans that companies take out to fund their daily short-term operations..
A blockchain-based loan product could potentially shorten the time it takes businesses to get capital loans, reduce paperwork, and improve transparency and accountability among stakeholders.
Given Ripple’s broad reach at large financial institutions This could be a huge benefit for companies looking for working capital loans.
Ripple’s efforts to transform blockchain funding
Until now Ripple has developed several blockchain-based financial products that it offers to financial institutions. Significant progress has been made to get traditional financial institutions to use blockchain-based remittance systems.
May 10th the RAKBank, based in Dubai, Announced to use the RippleNet solution to facilitate transfer payments to Bangladesh “in minutes”.. Cointelegraph also reported on this Ripple’s collaboration with several South Korean money transfer and transfer companies and with DeeMoney, a Thai fintech company that is causing a stir in the transfer market in the region.
Recently Ripple claimed to be the first company to focus on distributed general ledger technology and to become a member of the ISO 20022 standardization body. ISO 20022 is a proposal for a standardized approach to methodology, processes and repository to enable communication and interoperability between global financial organizations.
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