Ripple Partners with Jeonbuk Bank for Cross-Border Payments

Key Takeaways

• Ripple has partnered with Jeonbuk Bank to accelerate 24/7 cross-border transactions.
• Payments are expected to settle within seconds or minutes instead of the days traditional SWIFT transfers can take.
• This is Ripple’s third partnership in South Korea this year.

Ripple is expanding its presence in South Korea through a new partnership with regional lender Jeonbuk Bank to settle cross-border remittances in real time.

In a statement released on Tuesday, Ripple highlighted the importance of this partnership. It will enable 24/7 payment settlements, with transactions settling within seconds or minutes. This provides a faster way to receive payments than traditional SWIFT transfers, which can take days to process.

Under the agreement, Jeonbuk Bank will deploy Ripple Payments to support international remittances and business transfers. The service will facilitate Jeonbuk Bank customers who regularly make international payments, including import-export companies, IT startups, and online content creators.

The partnership aims to reduce delays in traditional cross-border transfers while giving businesses access to near real-time settlement.

Fiona Murray, managing director for Asia Pacific at Ripple, said, “As the first regional bank in Korea to deploy Ripple Payments, Jeonbuk Bank is extending near real-time cross-border settlement directly to the businesses it serves, and this is a meaningful step for Korea's broader financial ecosystem.”

Ripple Expands Cross-Border Payments Presence in South Korea

The agreement with Jeonbuk Bank also marks an important step in Ripple’s broader expansion across South Korea. This is Ripple’s third partnership in South Korea this year, following partnerships with Kyobo Life Insurance and KBank.

In April, Ripple worked with Kyobo Life Insurance on tokenized government bond transactions through Ripple Custody. The company also partnered with KBank on a proof-of-concept focused on on-chain cross-border transactions.

The Jeonbuk Bank agreement highlights Ripple’s broader strategy. The company is increasingly focusing on using blockchain technology for traditional financial services, rather than relying solely on cryptocurrency trading activity.

Disclaimer: All content on The Moon Show is for informational and educational purposes only. The opinions expressed do not constitute financial advice or recommendations to buy, sell, or trade cryptocurrencies. Trading involves significant risk and may result in substantial losses. Always seek independent financial advice before making investment decisions. The Moon Show is not responsible for any financial losses or decisions made based on the information provided.

Please view the full disclaimer at: https://themoonshow.com/disclaimer