South Korea’s Jeonbuk Bank taps Ripple for cross-border payments
Ripple is bringing its cross-border payments platform to Jeonbuk Bank, but key details including its launch status and settlement asset remain undisclosed.
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.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- Japan defence minister says US, South Korea cooperation 'critical' for security channelnewsasia.com
- South Korea must brace for ‘worst-case scenario,’ President Lee says, as Trump cuts military drills cnbc.com
- North Korea grows stronger as South Korea reckons with fading US support hindustantimes.com
