Ripple Partners with Jeonbuk Bank for Cross-Border Business Remittances

Ripple has made significant strides in expanding its reach in South Korea by partnering with Jeonbuk Bank, a regional bank based in North Jeolla Province. On August 18, the two companies announced their collaboration to deploy Ripple Payments for cross-border business remittances.

This partnership marks Jeonbuk Bank as the first South Korean regional bank to adopt the service. The integration of Ripple Payments will enable Jeonbuk Bank to settle international transfers in seconds or minutes, significantly reducing the processing time compared to traditional correspondent banking methods.

The companies did not disclose specific details on payment corridors, transaction volumes, customer fees, or commercial launch schedules. However, they stated that the service would be available continuously and not limited to local banking hours.