Ripple (XRP), the San Francisco-based blockchain payments technology giant has introduced a new service that enables instant cross-border payments from RippleNet. Known as Line of Credit, this newly-launched beta service allows customers to fund instant cross-border payments from RippleNet, Ripple’s global payments network.
The company announced the launch of this service on the 8th of October. The Line of Credit service lets financial institutions present on the global payments network RippleNet to use On-Demand Liquidity (ODL) for making fast cross-border payments. The service will allow users to pay back the company later.
The service is beneficial for those fin-techs and small-to-medium-sized enterprises (SMEs) who do not have sufficient resources and capital to make their business scale quickly. Stating this problem of small-sized companies, the company said, “Limited access to working capital is one of the biggest barriers to growth for many companies.”
Adding more to it, the company said:
“Many fintechs and small and medium-sized enterprises (SMEs) lack the capital and resources to compete. Faced with stalled growth, customers turn to creating bespoke credit arrangements – with each partner, in each destination market. Each arrangement requires additional overhead and management, making it a slow, burdensome and an ultimately inefficient process.”
Ripple claimed in the blog post that its new Line of Credit service is capable of solving this issue of smaller sized fin-techs. Through this service, they will be able to access financial solutions that help in scaling and accelerating the performance of a business. Also, they will have access to upfront capital as well.
Commenting on this, the General Manager of RippleNet Asheesh Birla said that on this beta version of Line of Credit, customers’ response and feedback is good which means that the service is proving to be helpful for them.
9 Memorable Examples of M&A Deals That Changed the World
XRP Struggles at $0.37, While the Bitcoin Hangs on to $16k.
Ripple Lead Counsel Denies SEC’s Claims of Enforcement Successes.
Ripple’s Native XRP Records a Huge Spike in Social Engagements.
XRP Targets $0.50, as Ripple’s Native Outplays Bitcoin.
Recent Press Release
Top 10 Ways To Build Wealth With Modern And Traditional Approaches
Building wealth is a tedious job but in the right manner, it can be achieved. Many people aspire to become...
Is Young Money Superior To Old Money In The Latest Digital Age?
To the advantage of all of us, modern tech has accelerated economic progress, and we must keep embracing innovation, particularly...
5 Best Ways Artificial Intelligence Can Boost Your Business
Artificial intelligence (AI) is not only a concept for science fiction anymore; it is also starting to appear in business....
Crypto Scams And Best Ways To Avoid Them
Cryptocurrency fraud has increased in popularity in recent years, with con artists defrauding investors of vast sums. Even if the...
Why Should Traders Divert Toward Online Trading?
Financial assets can be broken down into two categories: those that aid in the immediate, and those that are more...