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 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. 

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