Ripple, Jeonbuk Bank Partner to Drive Cross-Border Payments
Ripple today announced a partnership with Jeonbuk Bank, making it the first regional bank in Korea to deploy Ripple Payments for cross-border remittances, bringing near-real-time settlement to businesses that have historically relied on transfers that take days to complete.
The official statement released on Tuesday explained that traditional bank transfers pass through multiple intermediary banks via the SWIFT network and can take days to process.
However, Ripple payments replace this with near real-time settlement, completing in seconds to minutes, and operating 24/7.
Ripple said Jeonbuk Bank can now offer faster, more transparent, and cost-effective remittance services to its global business customers, including import-export companies, IT startups, and online content creators.
Fiona Murray, Managing Director, Asia Pacific at Ripple, said, “This partnership with Jeonbuk Bank reflects the growing momentum we are seeing across Korea’s institutional financial sector, where leading financial institutions are actively building out their digital asset capabilities and seeking infrastructure partners they can rely on for the long term.
“Regional banks play a vital role in the real economy. As the first regional bank in Korea to deploy Ripple Payments, Jeonbuk Bank is extending near-real-time cross-border settlement directly to the businesses it serves, and this is a meaningful step for Korea’s broader financial ecosystem.”
Park Choon-won, President of JB Jeonbuk Bank, said, “With this partnership with Ripple, JB Jeonbuk Bank is ready to move beyond its role as a regional bank and emerge as a digital finance leader that meets global standards.
“This partnership will become a new growth engine for the bank, and we will lead innovation that reshapes the financial paradigm, going beyond the adoption of new technology.”
Today’s announcement follows Ripple’s partnerships this year with two of Korea’s most prominent financial institutions — Kyobo Life Insurance, Korea’s largest life insurer, exploring on-chain government bond settlement, and Kbank, Korea’s first internet-only bank, deploying institutional wallet-as-a-service infrastructure through Ripple Custody.
“Each institution came to Ripple with a different starting point and a different need — and that reflects the core of Ripple’s approach: a platform built to meet institutions wherever they are on the digital asset journey, whether that is custody, payments, treasury, or wallet infrastructure, and deliver it in an integrated way”, the announcement stated. Bitcoin Climbs as UBS Boosts BTC ETFs Call Option 24x
