TL;DR
- Partnership launch: Jeonbuk Bank is adopting Ripple Payments to deliver faster cross‑border transfers for business clients.
- Real‑time settlement: Ripple said the system enables 24/7 settlement in seconds to minutes, improving on SWIFT’s multi‑day processing times.
- Regional expansion: Ripple’s deal with Jeonbuk Bank marks its third South Korean partnership this year, following collaborations with Kyobo Life Insurance and Kbank.
Jeonbuk Bank is moving deeper into blockchain‑enabled finance through a new partnership with Ripple, aiming to modernize cross‑border payments for South Korean businesses. The collaboration introduces Ripple Payments to the regional lender’s remittance operations, giving clients access to faster settlement windows and around‑the‑clock processing. Both companies framed the deal as a step toward more efficient international transfers at a time when traditional banking rails continue to face speed and cost limitations.
Jeonbuk Bank Deploys Ripple Payments for Real‑Time Transfers
According to statements released Tuesday, Jeonbuk Bank will use Ripple Payments to support real‑time overseas remittances for a range of business customers, including import‑export firms, technology startups and online content creators. Ripple said the system enables settlement in seconds to minutes, a notable contrast to SWIFT‑based transfers that can take days to complete. The companies emphasized that the service is designed to operate 24/7, removing the delays tied to intermediary banks and limited operating hours.
Ripple also highlighted the importance of regional financial institutions in advancing digital payment infrastructure. Fiona Murray, managing director for Asia Pacific at Ripple, said Jeonbuk Bank’s adoption of Ripple Payments marks the first time a regional bank in Korea has deployed the platform. She added that the move brings near real‑time settlement directly to the businesses the bank serves, strengthening the country’s broader financial ecosystem.
Partnership Extends Ripple’s Growing Footprint in Korea
The Jeonbuk Bank collaboration represents Ripple’s third partnership in South Korea this year. Earlier in April, Ripple worked with Kyobo Life Insurance to explore tokenized government bond settlement through Ripple Custody. Later that month, Kbank announced it was collaborating with Ripple on a proof‑of‑concept for onchain cross‑border transactions and institutional wallet infrastructure.
While Ripple continues expanding its presence in the region, South Korea’s crypto market has experienced a slowdown. Local exchanges Upbit and Bithumb reported revenue declines of nearly 50% in the first half of 2026, reflecting weaker trading activity across the sector.
The companies did not disclose whether Jeonbuk Bank’s new service is already live or provide details on supported corridors, currencies, fees or expected volumes. They also did not specify whether transfers will rely on XRP, Ripple’s RLUSD stablecoin, other digital assets or fiat‑based settlement rails.
