Jeonbuk Bank taps Ripple for cross-border payments

• Jeonbuk Bank will use Ripple Payments for business transfers across borders.
• Transfers could settle within seconds or minutes instead of several days.
• The service will run around the clock for selected business customers.

Jeonbuk Bank has partnered with Ripple to provide faster cross-border payments for business customers.

Ripple said its payment platform can settle transfers within seconds or minutes, instead of several days.

The service will target importers, exporters, technology startups and online content creators using Jeonbuk Bank.

The companies have not confirmed whether the service is already available or which payment routes it will support.

They also have not disclosed fees, currencies, transaction volumes or the settlement asset.

Ripple said the service could reduce costs by avoiding intermediary banks and traditional SWIFT-based transfers.

The deal is Ripple’s third partnership with a South Korean financial institution this year, following agreements with Kyobo Life Insurance and Kbank.