Jeonbuk Bank Pioneers Ripple Payments Adoption in South Korean Region

Jeonbuk Bank has made history as the first regional Korean bank to adopt Ripple Payments for cross-border remittances.

The partnership was announced by Ripple in a press release, stating that Jeonbuk Bank will use the payment solution to help businesses send money across borders more quickly.

Ripple Payments allows for near-real-time settlement, replacing traditional multi-day SWIFT transfers with 24/7 cross-border settlement. This means that customers who have traditionally relied on international transfers that can take several days will now receive their payments in seconds to minutes.

The bank plans to use the service for its business customers, including import-export companies, IT startups, and online content creators. Faster settlement could help these businesses manage international payments with less delay and potentially lower costs.