Jeonbuk Bank Partners With Ripple to Power Cross‑Border Payments in South Korea
TL;DR
- Partnership launch: Jeonbuk Bank is adopting Ripple Payments to deliver faster cross‑border transfers for business clients.
- Real‑time settlement: Ripple said the system enables 24/7 settlement in seconds to minutes, improving on SWIFT’s multi‑day processing times.
- Regional expansion: Ripple’s deal with Jeonbuk Bank marks its third South Korean partnership this year, following collaborations with Kyobo Life Insurance and Kbank.
Jeonbuk Bank is moving deeper into blockchain‑enabled finance through a new partnership with Ripple, aiming to modernize cross‑border payments for South Korean businesses. The collaboration introduces Ripple Payments to the regional lender’s remittance operations, giving clients access to faster settlement windows and around‑the‑clock processing. Both companies framed the deal as a step toward more efficient international transfers at a time when traditional banking rails continue to face speed and cost limitations.
Jeonbuk Bank Deploys Ripple Payments for Real‑Time Transfers
According to statements released Tuesday, Jeonbuk Bank will use Ripple Payments to support real‑time overseas remittances for a range of business customers, including import‑export firms, technology startups and online content creators. Ripple said the system enables settlement in seconds to minutes, a notable contrast to SWIFT‑based transfers that can take days to complete. The companies emphasized that the service is designed to operate 24/7, removing the delays tied to intermediary banks and limited operating hours.
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