Key facts
- Jeonbuk Bank will deploy Ripple's cross-border payment system for business customers.
- The service aims to provide faster and less expensive overseas transfers compared to traditional methods.
- This marks Ripple's third partnership with a South Korean financial institution in 2024.
- Key details including launch status, settlement asset, supported corridors, fees, and transaction volumes were not disclosed.
South Korea's Jeonbuk Bank has entered into a partnership with blockchain payments firm Ripple to implement its cross-border payment system for business clients. Ripple announced that its Ripple Payments platform will enable the bank's customers to settle international transfers within seconds to minutes, operating 24/7. The service is designed for businesses such as import-export companies, technology startups, and online content creators. Ripple stated that its system would offer faster and more cost-effective remittance capabilities compared to traditional transfers routed through intermediary banks via the SWIFT network, which can take several days. This agreement represents Ripple's third collaboration with a South Korean financial institution this year, following previous partnerships with Kyobo Life Insurance for exploring on-chain government bond settlement and with internet-only Kbank for institutional wallet infrastructure. Key details including launch status, settlement asset, supported corridors, fees, and anticipated transaction volumes were not disclosed by the companies.