Nikolas Sargeant
TL;DR
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Jeonbuk Bank has partnered with Ripple to deploy cross-border payment services for business customers.
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Ripple Payments will enable overseas transfers to settle within seconds or minutes and operate around the clock.
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The service targets import-export companies, technology startups and online content creators.
South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to provide faster cross-border transfers for its business customers.
The bank will use Ripple Payments to process overseas transactions around the clock, with settlement expected to take seconds or minutes rather than several days.
Ripple Payments Targets South Korean Businesses
Ripple said on Tuesday that Jeonbuk Bank would deploy its payment infrastructure for businesses that frequently send or receive money internationally.
The service is aimed at import-export companies, technology startups and online content creators. These customers may benefit from faster settlement times and continuous availability, particularly when working with international suppliers, contractors and clients across different time zones.
Ripple Payments is designed to streamline the movement of funds between countries by connecting financial institutions and payment providers through its infrastructure.
Traditional international transfers often move through several intermediary banks using the SWIFT messaging network. This process can take days to complete and may generate additional fees at each stage.
Ripple said its platform would give Jeonbuk Bank faster and less expensive remittance capabilities. Transactions processed through the system could settle within seconds or minutes and would not be restricted to conventional banking hours.
The partnership could help Jeonbuk Bank improve its cross-border services as demand for faster international payments grows among South Korean businesses.
XRP and RLUSD Involvement Remains Unclear
The companies did not explain how transactions would be settled through the new service.
It remains unclear whether Jeonbuk Bank will use XRP, Ripple’s RLUSD stablecoin, another cryptocurrency, or traditional fiat-based payment rails. Ripple Payments can support several settlement methods, meaning the use of its technology does not automatically involve XRP.
The companies also withheld several commercial and operational details, including the service’s launch date, supported currencies, payment corridors, transaction fees and expected volumes.
As a result, the partnership’s potential effect on XRP adoption cannot yet be determined.
The Jeonbuk Bank agreement marks Ripple’s third partnership with a South Korean financial institution this year.
Ripple previously partnered with Kyobo Life Insurance to explore the on-chain settlement of government bonds. The blockchain company also entered an agreement with internet-only lender Kbank focused on institutional digital-asset wallet infrastructure.
The three partnerships demonstrate Ripple’s expanding involvement in South Korea’s financial sector across payments, tokenized securities and digital-asset custody infrastructure.
