Ripple May Develop a Blockchain-Based Working Capital Loans Product
In recent times, the blockchain-based payment network Ripple said it was looking for an individual to occupy the position of a “Director of Product Management, Loans.” The company posted the job opening on its official website some time ago, with a description that shows its plan to introduce a new loan product to assist its users with working capital loans.
“RippleNet traditionally served its customers with a cross border payment offering, however Ripple is expanding into loans. This person will bring a new loan product to market from concept to launch for RippleNet customers. This person will bring strong leadership skills as they will need to collaborate heavily with cross-functional internal teams and the financial ecosystem of partners and customers.”
Firms obtain working capital loans for financial support of their everyday operations in the short term. A loan product that is based on blockchain has the ability to limit the time for firms to use capital loans. It could also bring about a reduction in paperwork, and an improvement in transparency and accountability between the involved parties.
Firms can benefit from this when looking for working capital loans based on the fact that Ripple has wide reach across major financial institutions.
Ripple has been doing its best to transform finance with blockchain. The firm has been able to build a variety of financial products based on blockchain which are offered to financial institutions. Its progress has been remarkable towards attracting traditional financial institutions to utilize remittance systems based on blockchain.
RAKBank based in Dubai, announced on May 10 that it was utilizing RippleNet’s solution for the facilitation of remittance payments to Bangladesh. Ripple has also partnered with several South Korean money transfer and remittance firms and a Thai fintech DeeMoney for the disruption of remittance market in Asia.
In recent times, Ripple became a member of the ISO 20022 standards body, which suggested a standardized approach to methodology, process and repository.