This week on RCN

Request Network alliance: the future of commerce brings invoice payments on credit

We’re glad to announce our partnership with Request Network, an Ethereum-based protocol -built by the team behind the money transfer service Moneytis- that acts as a decentralized ledger for online payments.

Request and RCN will explore an integration of both technologies to allow Request Network participants to execute invoice payments on credit via the RCN protocol.

With this alliance, Request Network will provide an option for invoices financing while RCN will match the lenders and borrowers’ needs using a cosigner as intermediary agent. The RCN partnership answers a major Request use case, which is the financing of invoices through factoring and it’s also an effective way to accelerate growth for both RCN and Request communities.

Request Network is committed to develop a financial platform for payment requests with the ambition to become a standard for invoices, accounting, audit, and payments in crypto and fiat assets.

Use case: “A funding option for Alice”

Here’s a fine example on how both technologies can work together:

1. Bob creates a Request invoice asking Alice for a payment.

2. Alice gets the Request invoice and generates an RCN credit request in order to face the payment request.

3. Charlie gets Alice’s credit request via the RCN protocol and accepts its conditions, thus lending the money she needs. Alice has now formally contracted a debt with Charlie.

4. Charlie fills out the payment request using Request Network.

5. Bob gets paid by Charlie on behalf of Alice.

6. Charlie will enforce the collection of Alice’s debt through the RCN network.

“We’re excited to seal this alliance with Request Network, a passionate team with a similar approach to ours, which is to bring payments and lending transparency to any person in the world that needs a real and effective financial solution.” — stated David Garcia (RCN Partner and SVP).

Both companies have committed to explore a pilot version of their integration during Q2 2018.

RCN whitepaper now on GitHub

More good news!

The original RCN whitepaper is now live in our GitHub repository for everyone to read.

If you haven’t done it yet, you can click here to read the full paper -including a detailed explanation of the RCN network and its agents, plus team description and development roadmap.