Ripple, a blockchain payments company, has entered into a partnership with South Korean regional bank Jeonbuk Bank to deploy faster Cross Border Payments for busin ess customers. The collaboration makes Jeonbuk Bank the first regional bank in South Korea to adopt Ripple Payments for cross-border remittances, according to the company.
The move is intended to shift Jeonbuk Bank’s international payment operations away from traditional multi-intermediary processes that could take several days. Instead, the bank will use Ripple Payments, a blockchain-based solution, to settle transactions within seconds or minutes. The service is also designed to operate around the clock, giving businesses greater flexibility when conducting international payments.
Jeonbuk Bank Deploys Ripple Payments
Under the partnership, Jeonbuk Bank will integrate Ripple Payments into its remittance infrastructure to streamline Cross Border Payments for its business customers. The solution is designed to reduce reliance on traditional SWIFT-based payment structures that typically involve multiple intermediaries and extended settlement windows.
By adopting Ripple Payments, Jeonbuk Bank aims to improve the speed, transparency and efficiency of its cross-border transactions. The 24/7 availability of the service means businesses will no longer be restricted by banking hours or working-day limitations when sending funds internationally.
Cross Border Payments Move Toward Near Real Time Settlement
The partnership is focused on delivering near real time settlement for business remittances. Previously, businesses using traditional international payment routes faced delays that could stretch across several days. With Ripple Payments now in place, Jeonbuk Bank intends to offer settlement in seconds or minutes.
Ripple’s Managing Director for Asia Pacific, Fiona Murray, highlighted the growing adoption of digital asset infrastructure among Korean financial institutions. She said the partnership is expected to allow Jeonbuk Bank to extend near real-time international settlement services to businesses.
Jeonbuk Bank President Park Choon-won described the collaboration as an important step in the bank’s efforts to strengthen its digital finance capabilities. He said the partnership is expected to support the bank’s transition toward globally oriented financial services.
Digital Payments Expand for Korean Businesses
Although the partnership initially targets the Korean market, Jeonbuk Bank plans to make the service available to its global business customers. The bank has identified import-export companies, IT startups and online content creators as the business groups that stand to benefit from more efficient Cross Border Payments through the platform.
The initiative is intended to provide these businesses with faster and more flexible cross-border payment options while aiming to reduce transaction costs. This effort reflects Jeonbuk Bank’s broader push to expand its digital payments capabilities and serve a wider range of international business needs.
This is Ripple’s third major Korean partnership of the year. Earlier collaborations included a partnership with Kyobo Life Insurance and an agreement with Kbank through Ripple Custody. The growing number of partnerships points to rising interest among Korean financial institutions in adopting blockchain-based payment infrastructure for Cross Border Payments.