Ripple Payments Adopted by Jeonbuk Bank for Cross-Border Transfers

Ripple has partnered with Jeonbuk Bank to deploy Ripple Payments for cross-border business remittances. This is making the lender the first regional bank in South Korea to adopt the service.

Ripple also stated that the deal is its third Korean partnership this year, following agreements with KBank and Kyobo Life Insurance.

The service is intended to provide near-real-time settlement for Jeonbuk’s business customers, including import-export companies, IT startups, and online content creators, who have historically relied on transfers that take days to complete.

Jeonbuk Bank is the first regional bank in Korea to deploy Ripple Payments, replacing multi-day SWIFT transfers with near real-time, 24/7 cross-border settlement for its business customers.