South Korea’s Jeonbuk Bank has announced a partnership with Ripple to implement the latter’s cross-border payment system, aiming to offer faster and cheaper international transfers for business customers. The initiative is expected to benefit import-export firms, tech startups, and online content creators, although specifics on service availability, supported currencies, or fees have yet to be disclosed.
This marks Ripple’s third collaboration with a South Korean financial institution in 2023, following previous partnerships with Kyobo Life Insurance and Kbank. Ripple’s system reportedly enables transfers to be settled in seconds to minutes, contrasting sharply with the several-day processing times typical of SWIFT-based transactions.
The terms of the agreement, including the exact settlement mechanisms—such as whether XRP or stablecoins will be used—remain unclear. Ripple did not provide further details ahead of the announcement, leaving questions about the service’s scope and operational timeline unanswered.
Written by Emily Carter
XRP Desk
