Ripple Partners with Jeonbuk Bank for Faster International Transfers

Jeonbuk Bank has partnered with Ripple to use its payment system for cross-border remittances, becoming the first regional bank in South Korea to deploy the technology.

The partnership aims to provide customers with faster and more efficient international transfers, with benefits including 24/7 processing, improved FX visibility and tracking, and fewer intermediaries that may reduce costs.

However, it's worth noting that lower fees are not guaranteed. The use of Ripple Payments for cross-border remittances marks a significant milestone in the adoption of blockchain technology by traditional banks.