Important Ripple (XRP) Partnership Targets Cross-Border Remittances

South Korea's Jeonbuk Bank is set to deploy Ripple Payments as businesses seek faster alternatives to traditional cross-border transfer routes. Ripple has partnered with Jeonbuk Bank in South Korea as the latter prepares to deploy Ripple Payments for cross-border remittances. The deal makes Jeonbuk Bank the first regional bank in the country to deploy the payment service. The main objective is to support businesses that have traditionally faced several days of delays when moving money across borders via conventional transfers. Expansion in Korea The partnership will be used for international transfers for businesses such as import-export companies, IT startups, and online content creators. Traditional transfers can take days to complete as payments move through multiple intermediary banks via the SWIFT network. Ripple Payments handles settlement in seconds to minutes and operates 24/7. Weighing in on the development, JB Jeonbuk Bank’s President, Park Choon-won, 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 engi...