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South Korea's Jeonbuk Bank adopts Ripple for cross-border payments

2026-08-18 12:59:57
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South Korea's Jeonbuk Bank joins hands with Ripple to launch cross-border payment services for corporate customers

South Korea's Jeonbuk Bank has reached a partnership with blockchain payment company Ripple to deploy cross-border payment systems for its corporate customers. On Tuesday, Ripple announced that its Ripple payment platform will allow the bank's customers to make overseas transfers in seconds to minutes and operate 24/7. The service is aimed at customer groups such as import and export companies, technology start-ups and online content creators.

Ripple said that its system will provide banks with faster and lower-cost remittance capabilities than traditional methods of transferring money through an intermediary bank over the SWIFT messaging network, which usually takes days. The two parties did not disclose whether the service was open to Jeonbuk Bank customers, nor did they specify the supported payment channels, currency types, handling fees or expected transaction volume. In addition, they did not clarify whether the transfer would use XRP, Ripple's RLUSD stablecoins, other digital assets or fiat current-based settlement channels.

This cooperation is the third deal Ripple has reached with a South Korean financial institution this year. Previously, Ripple has partnered with Kyobo Life Insurance to explore on-chain government bond settlement and partnered with pure Internet bank Kbank on institutional wallet infrastructure.

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