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South Korea's Jeonbuk Bank has entered into a partnership with blockchain payments company Ripple to incorporate its cross-border payment system for business customers. Ripple's Ripple Payments platform promises to settle overseas transfers in seconds to minutes, operating around the clock. This service targets businesses such as import-export companies, technology startups, and online content creators.

By utilizing this system, the bank aims to offer faster and less expensive remittance capabilities compared to conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days. However, the specifics regarding the availability of the service to Jeonbuk Bank customers, the supported payment corridors, currencies, fees, and anticipated transaction volumes remain undisclosed.

Additionally, the companies did not reveal whether transfers would be settled using XRP, Ripple's RLUSD stablecoin, another digital asset, or fiat-based settlement rails. This collaboration marks Ripple's third partnership with a South Korean financial institution this year, following previous collaborations with Kyobo Life Insurance and Kbank.