South Korea’s Jeonbuk Bank taps Ripple for cross-border payments

South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to deploy its cross-border payment system for business customers.

On Tuesday, Ripple said its Ripple Payments platform would let the bank’s customers settle overseas transfers in seconds to minutes, with operations around the clock. The service targets businesses including import-export companies, technology startups and online content creators. 

Ripple said its system would provide the bank with faster, less expensive remittance capabilities than conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days. 

The companies did not disclose whether the service is already available to Jeonbuk Bank customers or identify the supported payment corridors, currencies, fees or expected transaction volumes. They also did not say whether transfers would use XRP, Ripple’s RLUSD stablecoin, another digital asset or fiat-based settlement rails.

The deal is Ripple’s third partnership with a South Korean financial institution this year. Ripple previously partnered with Kyobo Life Insurance to explore onchain government bond settlement and with internet-only Kbank on institutional wallet infrastructure.

Cointelegraph reached out to Ripple for more information but did not receive a response before publication.