South Korea’s Jeonbuk Bank taps Ripple for cross-border payments
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to implement Ripple’s cross-border payment system for its business customers. Ripple stated that its platform would enable the bank’s customers to complete overseas transfers within seconds to minutes, operating 24/7. The service is intended for businesses such as import-export companies, technology startups, and online content creators.
Why it matters
Ripple highlighted that its payment system offers faster and cheaper remittance services compared to traditional transfers that use intermediary banks and the SWIFT network, which can take several days. This development could improve the efficiency and cost-effectiveness of international business payments for Jeonbuk Bank’s clients.
Key context
The partnership marks Ripple’s third collaboration with a South Korean financial institution this year, following deals with Kyobo Life Insurance to explore onchain government bond settlements and with internet-only bank Kbank for institutional wallet infrastructure. The companies did not disclose whether the service is currently live, supported corridors, currencies, fees, expected transaction volumes, or which digital or fiat settlement rails will be used.
Key numbers and entities
The entities involved are Jeonbuk Bank and Ripple. Other referenced companies are Kyobo Life Insurance and Kbank. No specific numerical data, fees, transaction volumes, or currency details were provided.
What remains unclear
The source does not specify whether Jeonbuk Bank’s customers can currently access the Ripple payment service, which payment corridors or currencies will be supported, the costs or transaction volumes anticipated, or if the transfers will involve XRP, Ripple’s RLUSD stablecoin, other digital assets, or fiat rails. Cointelegraph also did not receive additional information from Ripple before publication.