The blockchain-based payment network Ripple recently added a chore opening on its official website for a "Director of Product Management, Loans."

The description indicates that Ripple is working on a new loan product to aid its customers with working capital loans.

Working majuscule loans are loans companies take to financially support their everyday operations in the brusk term.

A blockchain-based loan product could potentially shorten the time for companies to avail capital loans, reduce paperwork, and improve transparency and accountability between the involved parties. Considering Ripple'southward wide attain across major financial institutions, this could be a huge benefit for companies seeking working upper-case letter loans.

Ripple's efforts to transform finance with blockchain

Ripple has so far congenital various blockchain-based fiscal products that it is providing to financial institutions. It has shown substantial progress in bringing traditional financial institutions to use blockchain-based remittance systems.

On May 10, Dubai-based RAKBank appear that it was using RippleNet's solution to facilitate remittance payments to Bangladesh "inside minutes." Cointelegraph also reported on Ripple'south partnership with various South Korean coin transfer and remittance companies and a Thai fintech DeeMoney to disrupt the remittance market place in the region.

Simply recently, Ripple claimed to exist the first distributed ledger applied science-focused company to have get a member of the ISO 20022 standards body. ISO 20022 is a proposed standardized approach in methodology, procedure and repository to enable communication and interoperability between global financial organizations.