South Korean Bank Adopts Ripple Payments in Major XRP Boost
- Jeonbuk becomes South Korea’s first regional bank using Ripple Payments infrastructure.
- Ripple targets faster 24/7 cross-border payments for Korean business customers.
- Ripple’s Korea expansion grows while XRP settlement details remain unconfirmed.
South Korea’s Jeonbuk Bank has partnered with Ripple to modernize cross-border payments for business customers. The deal makes Jeonbuk the country’s first regional bank to deploy Ripple Payments, replacing slower correspondent banking processes with near real-time settlement that operates around the clock.
Jeonbuk Bank Brings Faster Cross-Border Payments to Businesses
Ripple announced the partnership on August 18, describing it as another step in its expanding institutional strategy across South Korea. The service targets businesses that regularly send money abroad, including import-export firms, technology startups, and online content creators.
Traditional international transfers often pass through several intermediary banks using the SWIFT network. As a result, payments can take several days before reaching recipients.
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