South Korea’s Jeonbuk Bank taps Ripple for cross-border payments
Jeonbuk Bank in South Korea has partnered with Ripple to use Ripple Payments for cross-border transfers for business customers. The service is aimed at companies such as import-export firms, tech startups, and online content creators, and is designed to enable overseas payments in seconds to minutes with 24/7 availability. Ripple says the system should be faster and cheaper than traditional SWIFT-based transfers that often pass through intermediary banks and can take days. The companies did not disclose whether the service is already live, which corridors or currencies are supported, expected volumes, or whether settlement will use XRP, RLUSD, another digital asset, or fiat rails. This is Ripple’s third partnership with a South Korean financial institution this year, following agreements with Kyobo Life Insurance and internet bank Kbank.
