- Ripple and Jeonbuk Bank launched near real-time cross-border payments, making Jeonbuk Korea’s first regional bank to use Ripple Payments.
- Jeonbuk Bank will use Ripple Payments to streamline international transfers for importers, startups, and content creators.
- Ripple’s Korean partnerships now span cross-border payments, digital asset custody, and on-chain government bond settlement.
Jeonbuk Bank has deployed Ripple Payments for cross-border remittances, becoming Korea’s first regional bank to use the service. The partnership lets business customers settle international transfers in near real time, replacing traditional SWIFT-based processes that can take days. Ripple said the service runs 24/7 and settles payments within seconds to minutes.
The rollout targets the bank’s global business customers, including import-export companies, IT startups, and online content creators. These customers previously relied on bank transfers that moved through multiple intermediary banks using the SWIFT network.
However, Ripple Payments changes the process by providing near real-time settlement. The service also gives Jeonbuk Bank a system for handling cross-border remittances outside traditional banking hours.
Ripple Details Korea Partnership
Fiona Murray, Ripple’s managing director for Asia Pacific, said the agreement adds to the company’s work with Korean financial institutions. She said regional banks serve businesses and described Jeonbuk Bank as Korea’s first regional bank using Ripple Payments.
Park Choon-won, president of JB Jeonbuk Bank, said the partnership supports the bank’s move toward digital finance. He also said the agreement would create a new growth engine and support innovation beyond adopting new technology.
The announcement follows two other Ripple partnerships in Korea this year. Kyobo Life Insurance, Korea’s largest life insurer, is exploring blockchain-based settlement for tokenized government bonds.
Kyobo Life And Kbank Expand Ripple Work
Kbank, Korea’s first internet-only bank, is deploying institutional wallet-as-a-service infrastructure through Ripple Custody. Its work with Ripple focuses on digital asset wallet infrastructure rather than cross-border payment settlement.
Meanwhile, Kyobo Life Insurance’s project focuses on on-chain government bond settlement. The three partnerships cover different areas, including payments, custody, and wallet infrastructure.
Ripple said each Korean institution approached the company with a different need. The company described its platform as covering custody, payments, treasury, and wallet infrastructure.
Jeonbuk Bank’s deployment is the latest of the three Korean partnerships announced by Ripple this year. The bank is using Ripple Payments specifically for cross-border remittances serving its business customers.
