Ripple announced a partnership with Jeonbuk Bank to process international payments for business customers in South Korea, with transfers settling in seconds to minutes on a 24/7 basis. The arrangement was announced August 18.
Jeonbuk Bank becomes the first regional Korean bank to deploy Ripple Payments, a platform the company has positioned as an alternative to traditional correspondent banking for institutions moving money across borders. Ripple's product allows banks to settle transfers directly rather than routing them through intermediary institutions, a process that typically takes one to three business days.
Ripple has spent the past three years building a customer base among mid-tier and regional banks globally. The company operates RippleNet, a network of financial institutions using its ledger technology for cross-border settlements. In 2024, Ripple announced partnerships with banks in the Philippines, India and the United Arab Emirates. The company has not disclosed transaction volumes or specific corridors enabled through the Jeonbuk arrangement.
Jeonbuk Bank, based in North Jeolla Province, is one of South Korea's nine regional banks. Regional banks in South Korea have faced margin compression as competition from larger commercial banks and fintech firms has intensified. South Korea's Financial Supervisory Service allows blockchain-based payment infrastructure within existing anti-money-laundering frameworks.
Ripple's XRP Ledger, the underlying blockchain for Ripple Payments, does not require the use of the XRP token for settlement, though the company has promoted its use for prefunding liquidity corridors. The companies did not disclose which asset would settle transactions through the Jeonbuk partnership.
South Korea processes roughly 12 billion outbound remittances annually according to World Bank data. Regional banks have historically captured a smaller share of cross-border flows than Seoul-based institutions.
The partnership follows Ripple's broader push into Asia, where the company has positioned blockchain-based payments as a way for smaller institutions to compete on speed without building expensive infrastructure. The announcement carries no go-live date or transaction volume targets from either party.
