Ripple announced a partnership with Jeonbuk Bank on August 18 to bring Ripple Payments to cross-border business remittances. Jeonbuk Bank will use the service to help business customers complete international transfers in seconds or minutes, instead of waiting several days.
The payment solution is designed for businesses that frequently handle international transactions. Potential users include importers, exporters, technology startups, and digital content creators who need to send or receive funds across borders. Jeonbuk Bank will also use Ripple Payments to facilitate overseas transfers beyond standard domestic banking hours.
Traditional cross-border payments often rely on intermediary banks when financial institutions do not have a direct connection. This extra layer can increase processing times, costs and reconciliation work.
Ripple Payments combines payment routing, currency conversion and settlement through a single institutional connection, while Ripple’s broader network spans more than 60 markets and has processed over $100 billion since its launch.
Ripple and Jeonbuk Bank Introduce 24/7 Cross-Border Payment Service
Ripple and Jeonbuk Bank said the new service can process transfers almost instantly, with some payments completed in seconds or minutes. However, the exact timing may depend on factors such as the destination market, payout provider, compliance requirements, and local banking infrastructure.
The service also supports transfers 24/7, unlike traditional banking services that often operate only during local banking hours.
The two companies did not disclose the financial terms of the partnership. Details about the initial payment routes, supported currencies, expected transaction volumes, fees, and broader rollout timeline also remain unavailable. Jeonbuk Bank had not yet provided specific pricing details or confirmed which payment corridors it would support at the time of the announcement.
The global network figures associated with Ripple Payments do not represent Jeonbuk Bank’s expected activity. No transaction volume or customer adoption forecast was released for the Korean bank. Ripple also did not confirm whether customers could access the service immediately, leaving the rollout schedule dependent on further announcements from the institutions.
Ripple Expands Korean Presence With Third 2026 Banking Partnership
The partnership does not indicate that Jeonbuk Bank will purchase, hold, or transfer XRP. Ripple Payments can work with various combinations of fiat currencies, stablecoins, and digital assets based on the payment corridor and applicable regulations. The announcement also did not include any on-chain wallet address or transaction record linked to the deal.
Ripple did not confirm RLUSD as a settlement asset for Jeonbuk Bank. Any future use of the dollar-backed stablecoin would require a separate product announcement or transaction evidence. Meanwhile, community commentator Vet suggested a possible Korean won stablecoin on the XRP Ledger, but Ripple has not confirmed the proposal.
The latest agreement marks Ripple’s third Korean partnership in 2026, following work with Kyobo Life Insurance and Kbank. Kyobo Life Insurance has explored blockchain-based settlement for South Korean government bonds, while Kbank has worked with Ripple Custody on institutional wallet infrastructure.
